FxWirePro: XAG/USD hits fresh 2-month low at $16.23 mark, sustained close below requires for downside rally

• XAG/USD is currently trading around $16.29 marks.
   
• It made intraday high at $16.39 and low at $16.23 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at $16.40 mark.
   
• A daily close above $16.35 will test key resistances at $16.55, $16.70, $16.95, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.35 will take the parity down towards key supports at $16.22, $15.90 and $15.68 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 short position in XAG/USD around $16.30, stop loss $16.40 and target of $15.90.

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