FxWirePro: XAG/USD hits fresh 5-week low at $16.76 mark, consistent close below requires for downside rally

• XAG/USD is currently trading around $16.80 marks.
   
• It made intraday high at $16.86 and low at $16.77 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.76 mark.
   
• A daily close above $16.79 will test key resistances at $17.04, $17.23, $17.40, $17.49, $16.67, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
   
• On the other side, a daily close below $16.76 will take the parity down towards key supports at $16.57, $16.40, $16.21 and $16.10 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in XAG/USD only below $16.76, stop loss $16.96 and target of $16.40.

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