FxWirePro: XAG/USD trades in narrow range, upside limited

• XAG/USD is currently trading around $16.72 marks.
   
• It made intraday high at $16.79 and low at $16.66 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.92 mark.
   
• A daily close above $16.74 will test key resistances at $16.92, $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 $16.74 will take the parity down towards key supports at $16.57, $16.40, $16.21 and $16.10 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in XAG/USD around $16.78, stop loss $16.92 and target of $16.40.

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