FxWirePro: XAG/USD trades in narrow range, consistent close above $16.85 requires for upside rally

• XAG/USD is currently trading around $16.84 marks.
   
• It made intraday high at $16.86 and low at $16.81 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.96 mark.
   
• A daily close above $16.84 will test key resistances at $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.84 will take the parity down towards key supports at $16.68, $16.49, $16.38, $16.22, $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. Current upside movement is short term trend correction only.

We prefer to take short position in XAG/USD only below $16.80, stop loss $16.96 and target of $16.68.

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