FxWirePro: XAG/USD rejects key support at $16.88 mark, stay bullish

• XAG/USD is currently trading around $17.21 marks.
   
• It made intraday high at $17.24 and low at $17.14 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.88 mark.
   
• A daily close above $17.20 will test key resistances at $17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.


• On the other side, a daily close below $17.20 will take the parity down towards key supports at $17.01/$16.88/$16.72/$16.40/$16.28/$16.14 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go long on XAG/USD around $17.18 with stop loss at $16.98 and target of $17.40/$17.63.