FxWirePro: XAG/USD hovers around $16.40 mark, faces immediate resistance at $16.42 mark

• XAG/USD is currently trading around $16.40 marks.
   
• It made intraday high at $16.42 and low at $16.27 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.42 mark.
   
• A daily close above $16.38 will test key resistances at $16.42, $16.57, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.38 will take the parity down towards key supports at $16.27, $16.16, $16.10, $16.02 and $15.84 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 on XAG/USD only above $16.42, stop loss $16.27 and target of $16.72.

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