FxWirePro: Silver stabilizes above $16.40 mark, good to buy on dips

• XAG/USD is currently trading around $16.45 marks.
   
• It made intraday high at $16.47 and low at $16.38 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.38 mark.
   
• A daily close above $16.43 will test key resistances at $16.57, $16.68, $16.80 and $16.97 marks respectively.
   
• On the other side, a daily close below $16.43 will take the parity down towards key supports at $16.27, $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.

We prefer to take long position on XAG/USD around $16.44, top loss at $16.37 and target of $16.57/$16.68.