FxWirePro: XAG/USD hovers around $17.00 mark, stay bearish only below $16.92 mark

• XAG/USD is currently trading around $16.95 marks.
   
• It made intraday high at $17.07 and low at $16.92 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.92 mark.
   
• A daily close above $17.02 will test key resistances at $17.12, $17.22, $17.38, $17.52, $17.76 and $17.90 marks respectively.
   
• On the other side, a daily close below $16.92 will take the parity down towards key supports at $16.70, $16.62, $16.55 and $16.40 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 only below $16.92, stop loss $17.05 and target of $16.70 mark.

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