FxWirePro: XAG/USD exhibits range bound movement, stay bullish only above $16.72 mark

• XAG/USD is currently trading around $16.67 marks.
   
• It made intraday high at $16.70 and low at $16.59 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.72 mark.
   
• A daily close above $16.59 will test key resistances at $16.72, $16.96, $17.23, $17.33, $17.40, $17.52 and $17.68 marks respectively.
   
• On the other side, a daily close below $16.59 will take the parity down towards key supports at $16.58, $16.40, $16.28 and $16.16 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in XAG/USD only above $16.72, stop loss $16.58 and target of $16.96.

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