FxWirePro: XAG/USD hovers around $16.80 mark, stay bearish only below $16.78 mark

• XAG/USD is currently trading around $16.80 marks.
   
• It made intraday high at $16.83 and low at $16.79 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.78 mark.
   
• A daily close above $16.92 will test key resistances at $17.12, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.83 will take the parity down towards key supports at $16.72, $16.58, $16.42, $16.34, $16.27, $16.16, $16.02 and $15.84 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 short position on XAG/USD only below $16.78, stop loss $16.92 and target of $16.72/$16.58.

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