FxWirePro: XAG/USD remains well supported above $16.00 mark, good to sell on rallies

• XAG/USD is currently trading around $16.04 marks.
   
• It made intraday high at $16.05 and low at $15.98 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at $15.98 mark.
   
• A daily close above $16.03 will test key resistances at $16.12, $16.22, $16.32, $16.40, $16.49 and $16.57 marks respectively.
   
• On the other side, a daily close below $16.03 will take the parity down towards key supports at $15.92, $15.80, $15.62, $15.44, $15.28 and $15.18 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.

We prefer to take short position in XAG/USD around $16.10, stop loss $16.22 and target of $15.80 mark.

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