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XAG/USD: technical analysis on 09.02.2015

Last week was volatile enough for the silver. XAG/USD attempted to move back to previous highs and break through a level of 18.00 but all the bulls could reach is a level of 17.73.  On Friday, at the opening of the American session, the silver started to move downwards and refreshed local lows at the level of 16.55 that coincides with 38.2% Fibonacci. The level turned out to be powerful resistance and did not allow the pair below. 

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