FxWirePro: XAG/USD rejects key resistance at $16.22 mark, stay bearish

• XAG/USD is currently trading around $16.04 marks.
   
• It made intraday high at $16.14 and low at $16.03 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at $16.22 mark.
   
• A daily close above $16.09 will test key resistances at $16.22, $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 $16.09 will take the parity down towards key supports at $15.90, $15.75, $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 around $16.05, stop loss $16.20 and target of $15.75.