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07.11.2014 10:35 AM
Technical analysis of Silver for November 07, 2014
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Technical outlook and chart setups:

Silver has formed yet another low today at $15.00 levels before raising back into $15.40 levels. The metal seems to be preparing for at least a pullback/retracement if not a reversal from here on. Support is seen a $14.50 levels and lower while resistance is seen at $17.50, followed by $17.80/18.00 and higher respectively. Today's candlestick signal could be a hammer, indicating a possible reversal ahead. The metal could initially face resistance into the mid $16.00 levels. Only a push through $17.50 and subsequently $17.80 levels would confirm that Silver is out of woods, and that the rally could extend further. 

Trading recommendations:

Remain flat for now. Aggressive trade setup would be to initiate long positions, stop at $14.70, target is open.

Good luck!


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