FxWirePro: XAG/USD breaks key support at $16.27 mark, upside limited

• XAG/USD is currently trading around $16.21 marks.
   
• It made intraday high at $16.28 and low at $16.16 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.33 mark.
   
• A daily close above $16.27 will test key resistances at $16.40, $16.55, $16.65, $16.90, $17.12, $17.23, $17.33 and $17.54 marks respectively.
   
• On the other side, a daily close below $16.27 will take the parity down towards key supports at $16.16, $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 preer to take short position on XAG/USD around $16.24, stop loss $16.35 and target of $16.02.