FxWirePro: XAG/USD trades in narrow range, stay bearish only below $16.98 mark

• XAG/USD is currently trading around $17.04 marks.
   
• It made intraday high at $17.06 and low at $16.98 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.98 mark.
   
• A daily close above $17.00 will test key resistances at  $17.08, $17.22, $17.37, $17.44, $17.49, $17.60, $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 $17.00 will take the parity down towards key supports at $16.87, $16.72, $16.58, $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 short position in XAG/USD only below $16.98, stop loss $17.08 and target of $16.87/$16.80.

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