FxWirePro: Silver falls sharply against U.S. dollar, good to sell on rallies

• XAG/USD is currently trading around $17.08 marks.
   
• It made intraday high at $17.23 and low at $17.06 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $17.20 mark.
   
• A daily close above $17.20 will test key resistances at $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 $17.20 will take the parity down towards key supports at $16.98, $16.91, $16.70, $16.52, $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 $17.11, stop loss $17.25 and target of $16.90/$16.70.

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