FxWirePro: XAG/USD trades in narrow range, bias remains slightly bullish

• XAG/USD is currently trading around $16.56 marks.
   
• It made intraday high at $16.58 and low at $16.50 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.40 mark.
   
• A daily close above $16.55 will test key resistances at $16.72/$16.85/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
   
• On the other side, a daily close below $16.55 will take the parity down towards key supports at $16.40/$16.22/$16.12/$15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 go long on XAG/USD around $16.52 with stop loss at $16.40 and target of $16.90.

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