FxWirePro: XAG/USD trades in narrow range, stay bearish only below $16.52 mark

• XAG/USD is currently trading around $16.59 marks.
   
• It made intraday high at $16.60 and low at $16.53 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.72 mark.
   
• A daily close above $16.56 will test key resistances at $16.62, $16.72, $16.87, $17.04, $17.23, $17.40, $17.49, $16.67, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
   
• On the other side, a daily close below $16.52 will take the parity down towards key supports at $16.40, $16.21 and $16.10 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position in XAG/USD around $16.57, stop loss $16.51 and target of $16.72/$16.87.

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