FxWirePro: XAG/USD hovers around $16.40 mark, bias remains neutral

• XAG/USD is currently trading around $16.42 marks.
   
• It made intraday high at $16.46 and low at $16.37 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above $16.48 will test key resistances at $16.58, $16.75, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.38 will take the parity down towards key supports at $16.22, $16.10, $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. Current upside movement is short term trend correction only.

We prefer to take long position in XAG/USD  around $16.40, stop loss $16.30 and target of $16.75.

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