FxWirePro: XAG/USD hovers around $16.60 mark, Fed chair Powell’s testifies in focus

• XAG/USD is currently trading around $16.62 marks.
   
• It made intraday high at $16.68 and low at $16.57 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.75 mark.
   
• A daily close above $16.63 will test key resistances at $16.75, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.63 will take the parity down towards key supports at $16.57, $16.38, $16.22, $16.10, $15.90 and $15.68 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position in XAG/USD around $16.67, stop loss $16.77 and target of $16.38/$16.18.

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