FxWirePro: Silver trades in narrow range, faces strong support at $16.20 mark

• XAG/USD is currently trading around $16.28 marks.
   
• It made intraday high at $16.33 and low at $16.25 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.32 mark.
   
• A daily close above $16.30 will test key resistances at $16.38, $16.55, $16.68, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.30 will take the parity down towards key supports at $16.22, $16.08, $15.90 and $15.68 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position in XAG/USD  around $16.26, stop loss $16.19 and target of $16.38/$16.55.

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