FxWirePro: XAG/USD hovers around $17.50 mark, short term trend reversal likely

• XAG/USD is currently trading around $17.54 marks.
   
• It made intraday high at $17.60 and low at $17.50 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at $17.62 mark.
   
• A daily close above $17.58 will test key resistances at $16.67, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
   
• On the other side, a daily close below $17.58 will take the parity down towards key supports at $17.48/$17.40/$17.35/$17.26/$17.18/$17.01 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 long position in XAG/USD around $17.49, stop loss $17.38 and target of $17.83.

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