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25.07.2013 10:19 AM
Silver: 21.00 remains interim target for bulls

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Technical outlook and chart setups:

The metal remains subdued/confined above 20.00 region for now. Minimum implications from here is that a retracement lower, before the rally resumes towards 21.00 level. Support levels are spread through 19.25 level, followed by 18.70/75 region lower; while resistance is in the 22.50 region ahead. It is recommended to remain long for now, or take profits for now and wait for a dip lower to enter again buying. Immediate support should be around the 19.50/60 region where trend line is also passing through. Looking lower for short term.

Trading recommendations:

Remain long for now, stop is at 18.70, and target is at 21.00.

Good luck!

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