FxWirePro: XAG/USD hits fresh weekly low at $16.34 mark, sustained close below $16.37 requires for downside rally

• XAG/USD is currently trading around $16.42 marks.
   
• It made intraday high at $16.43 and low at $16.34 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.55 mark
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• A daily close above $16.37 will test key resistances at $16.55, $16.68, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.37 will take the parity down towards key supports at $16.30, $16.18, $16.08, $15.90 and $15.68 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 $16.45, stop loss $16.57 and target of $16.30/$16.18.

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