FxWirePro: Silver trades in narrow range, faces strong support at $16.42

• XAG/USD is currently trading around $16.63 marks.
   
• It made intraday high at $16.72 and low at $16.60 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $16.42 marks. 
   
• A daily close above $16.72 will test key resistances at $16.87/$16.99/$17.08/$17.22/$17.45/$17.82/$18.25/$18.48/$18.99/$19.29/$19.52 marks respectively.
   
• A daily close below $16.42 will take the parity down towards key supports at $16.33/$16.22/$15.93 marks respectively.

We prefer to go long on XAG/USD only above $16.72 with stop loss at $16.42 and target of $16.99/$17.08.