FxWirePro: XAG/USD hits fresh 4-week high at $16.89, upside limited

• XAG/USD is currently trading around $16.77 marks.
   
• It made intraday high at $16.81 and low at $16.73 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.89 levels.
   
• A daily close above $16.77 will test key resistances at $16.89/16.98/$17.11 marks respectively.
   
• On the other side, a daily close below $16.77 will take the parity down towards key supports at $16.51/$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 short on XAG/USD around $16.78 with stop loss at $16.89 and target of $16.51.