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    Technical analysis of Silver for October 02, 2015


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    Trading outlook and chart setups:

    Silver has bounced off $14.40 levels today and is again trading around fibonacci support at 0.618 ($14.50/55 levels). Please note that the metal has held its support well and is expected to push higher above $15.60. It is hence recommended to hold long positions with risk around $14.00. Immediate support is seen at $14.25 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.40/50 and higher. Only a breakout below $14.00 would be in favor of bears.

    Trading recommendations:

    Remain long for now, stop is at $14.00, a target is open.

    Good luck!


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