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07.04.2014 09:37 AM
Technical analysis of Silver for April 07, 2014.

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Technical outlook and chart setups:

1. Silver has taken out the initial resistance (intermediary) at $20.20/30 levels before pulling back. At the moment, the metal is trading around $19.90 levels and is expected to resume rally soon towards at least $21.40/50 levels. It is recommended to remain long for now and also look to add fresh positions here. Risk remains at $19.00 for now.

2. Support is at $19.0, followed by $18.75 and lower while resistance is spread through the $21.70/80 levels, followed by $22.30 and $23.00 respectively.

3. The structure is indicative of a bullish extension towards $23.00, $25.00 and higher levels. For this to materialize, $19.00 levels should hold good.

Trading recommendations:

Remain long, set stop at $19.00/25, target is open.

Good luck!

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