FxWirePro: XAG/USD hits fresh 3-week low at $16.37 mark, sustained close below requires for downside rally

• XAG/USD is currently trading around $16.40 marks.
   
• It made intraday high at $16.52 and low at $16.37 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.52 mark.
   
• A daily close above $16.50 will test key resistances at $16.60, $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 $16.50 will take the parity down towards key supports at $16.37, $16.28 and $16.16 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 in XAG/USD around $16.42, stop loss $16.52 and target of $16.16.

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