FxWirePro: XAG/USD remains well supported above $16.40 mark, bias remains bullish

• XAG/USD is currently trading around $16.70 marks.
   
• It made intraday high at $16.73 and low at $16.53 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.55 mark.
   
• A daily close above $16.55 will test key resistances at $16.93/$17.01/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
   
• On the other side, a daily close below $16.55 will take the parity down towards key supports at $16.40/$16.28/$16.14/$16.04/$15.80/$15.66 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 $16.68 with stop loss at $16.40 and target of $16.93/$17.01/$17.12.