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21.04.2014 01:57 PM
Technical analysis on silver for April 21, 2014

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Technical outlook and chart setups:

1. Silver is testing recent swing lows at $19.20/30 levels again. The metal remains bullish till price stay above a level of $19.00. A successful test here should bring back the bulls into action again and drag prices towards $20.40 levels at least. On the flip side a break below $19.00 could be extremely bearish. High probability remains for bullish setup to resume, risk remains at $19.00.

2. Support is at $19.00, followed by $18.75, and lower while resistance is at $20.40, followed by $21.60/70, $22.30 and higher respectively.

3. The structure indicates that silver could still resume rally if $19.00 levels remain intact. A bullish reversal here should be encouraging for bulls.

Trading recommendations:

Remain long, stop at $19.00, target is open.

Good luck!

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