FxWirePro: XAG/USD hovers around $16.20 mark, faces strong support at $16.11 mark

• XAG/USD is currently trading around $16.22 marks.
   
• It made intraday high at $16.29 and low at $16.20 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.11 mark.
   
• A daily close above $16.26 will test key resistances at $16.34/$16.46/$16.58/$16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
   
• On the other side, a daily close below $16.26 will take the parity down towards key supports at $16.13/$16.06/$15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 long on XAG/USD around $16.21 with stop loss at $16.11 and target of $16.34/$16.46.

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