FxWirePro: XAG/USD hovers around key support at $15.90 mark, sustained close below requires for downside rally

• XAG/USD is currently trading around $15.94 marks.
   
• It made intraday high at $16.10 and low at $15.91 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $15.90 mark.
   
• A daily close above $16.08 will test key resistances at $16.15, $16.27, $16.40, $16.55, $16.65, $16.90, $17.12, $17.23, $17.33 and $17.54 marks respectively.
   
• On the other side, a daily close below $15.98 will take the parity down towards key supports at $15.90, $15.84, $15.68, $15.47 and $15.32 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 on XAG/USD only below $15.90, stop loss $16.10 and target of $15.68.