FxWirePro: XAG/USD remains well supported below $16.40 mark, U.S. ADP job data in focus

• XAG/USD is currently trading around $16.34 marks.
   
• It made intraday high at $16.40 and low at $16.31 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at $16.48 mark.
   
• A daily close above $16.37 will test key resistances at $16.48, $16.56, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.37 will take the parity down towards key supports at $16.30, $16.25, $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.
   
• Later today U.S. will release ADP job data as well as prelim GDP data. It will provide further direction to the parity.

We prefer to take short position on XAG/USD around $16.35, stop loss $16.48 and target of $16.10.

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