FxWirePro: XAG/USD exhibits range bound movement, stay bearish only below $16.22 mark

• XAG/USD is currently trading around $16.29 marks.
   
• It made intraday high at $16.35 and low at $16.25 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.22 mark.
   
• A daily close above $16.28 will test key resistances at $16.48, $16.65, $16.90, $17.12, $17.23, $17.33 and $17.54 marks respectively.
   
• On the other side, a daily close below $16.28 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 prefer to take short position on XAG/USD only below $16.22, stop loss $16.40 and target of $15.97.