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Short

Silver:Bearish Divergence and 161.8% extension

FX:XAGUSD   Silver/U.S. Dollar
217 3 9
Major resistance- $17.36 (May 16th high)

Silver             prices rose more 6% in past two trading session till $17.30 per ounce. In the Asian session 4:00 GMT             the pair is trading at $17.21.

The XAG/USD             is facing strong resistance around $17.36 and is struggling to break above this level. Any violation above $17.36 will take the pair till $17.49/$17.75.

On the lower side minor support is around $16.77 (21 4H EMA ) and break below will drag the commodity down till $16.37/$16.15.Short term weakness only below $15.79.

In the 4 hours chart CCI (50) and RSI (14) is showing bearish divergence.

It is good to sell on rallies around $17.20-$17.22 with SL around $17.40 for the TP of $16.80
I would like to prefer from here only short even i have also short position.
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