FxWirePro: XAG/USD trades in narrow range, U.S. prelim GDP data in focus

• XAG/USD is currently trading around $16.37 marks.
   
• It made intraday high at $16.42 and low at $16.36 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at $16.32 mark.
   
• A daily close above $16.40 will test key resistances at $16.42, $16.55, $16.75, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.40 will take the parity down towards key supports at $16.32,  $16.22, $16.10, $15.90 and $15.68 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 prelim GDP data.

We prefer to take short position in XAG/USD around $16.38, stop loss $16.48 and target of $16.10.

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