FxWirePro: XAG/USD rejects key resistance at $17.22 mark, intraday bias remains bearish

• XAG/USD is currently trading around $16.98 marks.
   
• It made intraday high at $17.11 and low at $16.96 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at $17.11 mark.
   
• A daily close above $17.11 will test key resistances at $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $17.11 will take the parity down towards key supports at $16.98, $16.87, $16.70, $16.55, $16.48, $16.36, $16.28, $16.15 and $16.02 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 $17.05, stop loss $17.12 and target of $16.70 mark.

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