FxWirePro: Silver trades marginally lower in early Asia, faces key resistance at $16.50 mark

• XAG/USD is currently trading around $16.46 marks.
   
• It made intraday high at $16.50 and low at $16.45 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.50 mark.
   
• A daily close above $16.50 will test key resistances at $16.60, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.50 will take the parity down towards key supports at $16.40, $16.32, $16.25, $16.16, $16.10, $16.02 and $15.84 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 on XAG/USD around $16.38, stop loss $16.30 and target of $16.72.

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