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12.03.2014 02:03 PM
Technical analysis of Silver for March 12, 2014.

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Technical outlook and chart setups:

1. There is no change in Silver from yesterday. Prices have cooled off the $21.20/30 levels, as expected. Minimum expectations from here is $20.00/50 levels. It is recommended to remain short, risk remains at$21.70/80. Please also note that the fibonacci 0.618 support is also at $20.00 levels making it an optimum buy entry on a bounce.

2. Immediate resistance is at $21.70/80 and $22.20/30 (intermediary), while strong resistance is at $23.00. Supports are spread through $20.00/50, followed by $19.00 and lower respectively.

3. The structure remains unchanged and suggests that Silver is on its way to form bottom around $20.00 levels before beginning the next bull run.

Trading recommendations:

Remain short, stop is at $21.70/80, target is $20.00.

Good luck!

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