FxWirePro: XAG/USD hovers around key resistance at $16.12 mark, consistent close above requires for upside rally

• XAG/USD is currently trading around $16.11 marks.
   
• It made intraday high at $16.15 and low at $16.08 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.12 mark.
   
• A daily close above $16.12 will test key resistances at $16.22, $16.32, $16.40, $16.49 and $16.57 marks respectively.
   
• On the other side, a daily close below $16.12 will take the parity down towards key supports at $16.02, $15.98, $15.92, $15.80, $15.62, $15.44, $15.28 and $15.18 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in XAG/USD around $16.09, stop loss $15.98 and target of $16.22/$16.32 mark.

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