FxWirePro: Silver moves in rigid boundaries, faces immediate support at $16.26 mark

• XAG/USD is currently trading around $16.30 marks.
   
• It made intraday high at $16.32 and low at $16.12 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.32 mark.
   
• Since last 5 hours pair moves in stiff boundaries from $16.32 to $16.26 mark.
   
• A daily close above $16.14 will test key resistances at $16.32, $16.48, $16.60, $16.72, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.14 will take the parity down towards key supports at $16.02, $15.84 and $15.68 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.
   
• Later today FOMC rate decision will provide further direction to the parity.

We prefer to take short position in XAG/USD only below $16.26, stop loss $16.32 and target of $16.02.

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