FxWirePro: XAG/USD rejects key support at $16.27 mark, bias turns bullish again

• XAG/USD is currently trading around $16.40 marks.
   
• It made intraday high at $16.46 and low at $16.27 levels
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• Intraday bias remains bullish till the time pair holds key support at $16.27 mark.
   
• A daily close above $16.42 will test key resistances at $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 $16.42 will take the parity down towards key supports at $16.27, $16.16, $16.02 and $15.84 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 long position on XAG/USD around $16.38, stop loss $16.25 and target of $16.65.