FxWirePro: XAG/USD hovers around $16.50 mark, stay bullish only above $16.53 mark

• XAG/USD is currently trading around $16.48 marks.
   
• It made intraday high at $16.53 and low at $16.46 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.40 mark.
   
• A daily close above $16.49 will test key resistances at $16.60, $16.72, $16.96, $17.23, $17.33, $17.40, $17.52 and $17.68 marks respectively.
   
• On the other side, a daily close below $16.49 will take the parity down towards key supports at $16.37, $16.28 and $16.16 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 long position in XAG/USD only above $16.53, stop loss $16.40 and target of $16.60/$16.72.

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