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17.01.2013 10:15 AM
Silver targetting 32.00 immediately. Long-term bullish structure remains intact

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Technical outlook and chart setups:

Silver retraced close to 31.00 level yesterday before pulling back to 31.40 level again. The overall trend structure remains grossly favorable to bulls; and it is recommended to buy on intraday dips as a common trade strategy. Supports are lined up from 31.00, followed by 30.20 and 29.30; while resistance is lined up from 32.50, followed by 33.60/65 and 34.35 respectively. Immediate upside target seems to be 32.00 and 32.50. Looking higher from here on.

Trading recommendations:

Hold on to long positions taken earlier. Stop is at 30.00. Target is open.

Good Luck!

Summary
Urgency
Analytic
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