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21.03.2014 03:13 PM
Technical analysis of Silver for March 21, 2014.

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Technical outlook and chart setups:

1. Silver bounces off the $20.13 lows created yesterday. As seen here,it is the 0,618 fibonacci retracement level of the rally between $19.00 and $22.30. Recommendations are to initiate atleast 50% at current market ($20.50). Risk remains below $19.25 for now.

2. Immediate support is at $20.00, followed by $19.00, $18.70 and lower, while resistance is at $22.30 (intermediary), followed by $23.00, $23.50 and higher respectively.

3. The structure reveals that a higher low might have formed at $20.13 yesterday. If this holds true, Silver should see higher highs from here on.

Trading recommendations:

Initiate atleast 50% long positions now, set stop at $19.25, target is open.

Good luck!

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