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18.10.2012 01:12 PM
Silver Ready To Gain Bullish Momentum. Stay Long

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Technical Outllook and Chart Setups:

After holding 32.50 level, the metal has managed to get past 33.25 before pulling back. At least 33.70/80 levels are in sight from here. Chart resistance is just around 34.10/30 levels, and the 1.618 extensions also points towards the same at the moment. 32.70/75 levels are now interim support, just ahead of 32.50, which is strong enough. Till the time prices stay above 32.50, they are headed north. In the event of a breakdown of 32.50, bears would be trying to push towards 31.00 level. Bullish for now.

Trading Recommendations:

Stay long, stop below 32.50, and target open.

 

Good Luck!

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