FxWirePro: XAG/USD moves in stiff boundaries, stay bearish

• XAG/USD is currently trading around $16.35 marks.
   
• It made intraday high at $16.43 and low at $16.34 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.50 mark.
   
• A daily close above $16.40 will test key resistances at $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 $16.40 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 around $16.35, stop loss $16.50 and target of $15.90.

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