FxWirePro: XAG/USD exhibits range bound movement, sustained close above $16.82 requires for the upside rally

• XAG/USD is currently trading around $16.85 marks.
   
• It made intraday high at $16.86 and low at $16.58 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above $16.82 will test key resistances at $16.92/$16.99/$17.08/$17.26 marks respectively.
   
• On the other side, a daily close below $16.82 will take the parity down towards key supports at $16.57/$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 $16.82 with stop loss at $16.72 and target of $16.99.