FxWirePro: XAG/USD remains well supported above $16.00 mark, upside limited

• XAG/USD is currently trading around $16.03 marks.
   
• It made intraday high at $16.10 and low at $15.99 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.12 mark.
   
• A daily close above $16.05 will test key resistances at $16.12, $16.22, $16.32, $16.40, $16.49 and $16.57 marks respectively.
   
• On the other side, a daily close below $16.05 will take the parity down towards key supports at $15.87, $15.78, $15.62, $15.44, $15.28 and $15.18 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 take short position in XAG/USD only below $15.99, stop loss $16.12 and target of $15.68 mark.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest