FxWirePro: XAG/USD hovers around $16.90 mark, good to sell on rallies

• XAG/USD is currently trading around $16.88 marks.
   
• It made intraday high at $16.97 and low at $16.67 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at $16.72 mark.
   
• A daily close above $16.70 will test key resistances at $16.95, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.70 will take the parity down towards key supports at $16.52, $16.32, $16.15 and $15.90 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 $16.90, stop loss $17.08 and target of $16.55/$16.32.

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