FxWirePro: Silver back below $16.40 mark in early hours of Asia, good to sell on rallies

• XAG/USD is currently trading around $16.38 marks.
   
• It made intraday high at $16.44 and low at $16.35 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.47 mark.
   
• A daily close above $16.57 will test key resistances at $16.62, $16.80 and $16.97 marks respectively.
   
• On the other side, a daily close below $16.38 will take the parity down towards key supports at $16.28, $16.17, $16.02, $15.90, $15.70, $15.47 and $15.40 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 on XAG/USD around $16.42, stop loss at $16.48 and target of $16.17.