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    Technical analysis of Silver for March 05, 2015

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    Technical outlook and chart setups:

    Silver has formed a potential double bottom at $16.00/10 levels as seen here. Moreover, the metal has stalled at the fibonacci 0.618 support level of the rally between $14.66 and $18.50 levels, respectively. The metal is expected to resume its rally towards $20.00 and $21.00 levels any moment now. Immediate support is seen at $16.00 (interim), followed by $15.50 and lower, while resistance is seen at $17.40/50, followed by $18.40/50, $18.90 and higher, respectively. Bulls are expected to remain in control untill prices stay above $15.50 levels.

    Trading recommendations:

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

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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