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    Technical analysis of Silver for February 20, 2015.

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    Technical outlook and chart setups:

    Silver has made a higher low yesterday at the levels of $16.25, as seen here. Furthermore, the metal has retraced lower to $16.30 and bounced back higher again and is seen trading at $16.50 for now. Also note that the metal bounced back yesterday to the trend line and the Fibonacci support levels around the levels of $16.30/50. Therefore. it is highly recommended to remain long and also to look to add further positions at thecurrent levels, risk remains at the levels of $15.50. Immediate support is seen at the levels of $16.00 followed by $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher.

    Trading recommendations:

    Remain long. Stop is at $15.50, target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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