2017.05.1803:48:00UTC+00Fxwirepro: Silver Fails to Sustain Above $17.00 Mark, Bias Turns Bearish Again

• XAG/USD is currently trading around $16.68 marks.


• It made intraday high at $16.93 and low at $16.59 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.82 mark.


• A daily close above $16.86 will test key resistances at $16.92/$17.01/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
   
• On the other side, a daily close below $16.86 will take the parity down towards key supports at $16.58/$16.40/$16.28/$16.14/$16.04/$15.80/$15.66 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to go short on XAG/USD around $16.78 with stop loss at $17.01 and target of $16.58/$16.48/16.28.