FxWirePro: XAG/USD fails to find support above $16.70 mark, consistent close above requires for upside rally

• XAG/USD is currently trading around $16.66 marks.
   
• It made intraday high at $16.71 and low at $16.60 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.72 mark.
   
• A daily close above $16.68 will test key resistances at $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.68 will take the parity down towards key supports at $16.60, $16.42, $16.34, $16.27, $16.16, $16.10, $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. Current upside movement is short term trend correction only.

We prefer to take short position on XAG/USD around $16.68, stop loss $16.74 and target of $16.60/$16.42.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest