FxWirePro: XAG/USD hovers around key support at $16.40 mark, sustained close below targets $16.12 mark

• XAG/USD is currently trading around $16.42 marks.
   
• It made intraday high at $16.48 and low at $16.42 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.57 mark.
   
• A daily close above $16.45 will test key resistances at $16.57/$16.68/$16.75/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
   
• On the other side, a daily close below $16.45 will take the parity down towards key supports at $16.40/$16.25/$16.12/$15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 go short on XAG/USD only below $16.40 with stop loss at $16.57 and target of $16.25/$16.12.

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