FxWirePro: XAG/USD rejects resistance at $16.02 mark, good to sell on rallies

• XAG/USD is currently trading around $15.65 marks.
   
• It made intraday high at $15.70 and low at $15.61 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.02 mark.
   
• A daily close above $16.02 will test key resistances at $16.22/$16.32/$16.40/$16.58/$16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
   
• On the other side, a daily close below $15.57 will take the parity down towards key supports at $15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 go short on XAG/USD around $15.65 with stop loss at $16.02 and target of $15.48/$15.16.

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