FxWirePro: XAG/USD hovers around key resistance at $16.47 mark, sustained close above requires for upside rally

• XAG/USD is currently trading around $16.45 marks.
   
• It made intraday high at $16.47 and low at $16.23 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.47 mark.
   
• A daily close above $16.32 will test key resistances at $16.47, $16.55, $16.70, $16.95, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.32 will take the parity down towards key supports at $16.22, $15.90 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.        

We prefer to take short position in XAG/USD only below $16.42, stop loss $16.50 and target of $16.22.

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