FxWirePro: Silver trades higher, stay bullish only above $16.62

• XAG/USD is currently trading around $16.59 marks.
   
• It made intraday high at $16.61 and low at $16.51 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.40 mark.
   
• A daily close above $16.54 will test key resistances at $16.68, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.54 will take the parity down towards key supports at $16.40, $16.28, $16.16, $16.08, $15.90 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 correctin only.

We prefer to take long position in XAG/USD  only above $16.62, stop loss $16.50 and target of $16.72.

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