FxWirePro: XAG/USD hovers around key resistance at $16.42 mark, consistent close above requires for upside rally

• XAG/USD is currently trading around $16.41 marks.
   
• It made intraday high at $16.44 and low at $16.36 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at $16.30 mark.
   
• A daily close above $16.40 will test key resistances at $16.60, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.40 will take the parity down towards key supports at $16.30, $16.16, $16.10, $16.02, $15.84 and $15.68 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 short position on XAG/USD only below $16.38, stop loss $16.48 and target of $16.02.

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