FxWirePro: XAG/USD hovers around $16.70 mark, good to sell on rallies

• XAG/USD is currently trading around $16.70 marks.
   
• It made intraday high at $16.78 and low at $16.65 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
   
• A daily close above $16.76 will test key resistances at $17.02/$17.09/$17.26/$17.35/$17.48 marks respectively.
   
• On the other side, a daily close below $16.76 will take the parity down towards key supports at $16.57/$16.37/$16.20/$16.05 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to go short on XAG/USD around $16.70 with stop loss at $17.02 and target of $16.57/$16.48.