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    Technical analysis of Silver for May 14, 2015

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    Technical outlook and chart setups:

    Silver has broken above the consolidation range as expected and is trading at $17.20 for now. The metal can drop to $16.90 before rallying towards fresh highs. Also note that the resistance turned support line is also around $16.80/90. It is hence recommended to remain long for now with risk at $16.00. Immediate support is seen at the level of $16.20/30 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively.

    Trading recommendations:

    Remain long for now, stop at $16.00, a target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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