FxWirePro: XAG/USD exhibits range bound movement, good to buy on dips

• XAG/USD is currently trading around $16.75 marks.
   
• It made intraday high at $16.79 and low at $16.63 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.40 levels.
   
• A daily close above $16.72 will test key resistances at $16.98/$17.08/$17.26 marks respectively.
   
• On the other side, a daily close below $16.72 will take the parity down towards key supports at $16.51/$16.37/$16.20/$16.05/$15.95/$15.86/$15.74/$15.66/$15.54/$15.32/$15.01 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go long on XAG/USD around $16.70 with stop loss at $16.40 and target of $17.08/$17.19.