FxWirePro: XAG/USD remains well supported above $16.50 mark, good to sell on rallies

• XAG/USD is currently trading around $16.52 marks.
   
• It made intraday high at $16.62 and low at $16.51 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.72 mark.
   
• A daily close above $16.59 will test key resistances at $16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
   
• On the other side, a daily close below $16.59 will take the parity down towards key supports at $16.51/$16.42/$16.34/$16.27/$16.14/$16.03 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 $16.54 with stop loss at $16.72 and target of $16.42/$16.34.

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