FxWirePro: Silver trades marginally lower, downside limited

• XAG/USD is currently trading around $16.47 marks.
   
• It made intraday high at $16.55 and low at $16.43 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.42 mark.
   
• A daily close above $16.50 will test key resistances at $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 $16.50 will take the parity down towards key supports at $16.42, $16.32, $16.20, $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 $16.45, stop loss $16.31 and target of $16.55/$16.78/$16.96.

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