FxWirePro: XAG/USD consolidates around $16.40 mark, FOMC meeting in focus

• XAG/USD is currently trading around $16.34 marks.
   
• It made intraday high at $16.47 and low at $16.28 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at $16.47 mark.
   
• A daily close above $16.47 will test key resistances at $16.57/$16.68/$16.75/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
   
• On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.40/$16.22/$16.12/$15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 go long on XAG/USD around $16.28 with stop loss at $16.18 and target of $16.47/$16.60/$16.75.

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