FxWirePro: XAG/USD remains well supported above $16.50 mark, stay bullish

• XAG/USD is currently trading around $16.55 marks.
   
• It made intraday high at $16.56 and low at $16.43 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.42 mark.
   
• A daily close above $16.47 will test key resistances at $16.57, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.34, $16.27, $16.16, $16.10, $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. Current upside movement is short term trend correction only.

We prefer to take long position on XAG/USD only above $16.57, stop loss $16.42 and target of $16.96.

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