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24.10.2012 12:54 PM
Silver Holding 31.60/80 Levels. Short-term Charts Signalling A Possible Bullish Reversal

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Technical Outlook and Chart Setups:

As depicted above, silver is still holding support region around 31.60/80 levels. Furthermore, strong support is around 30.20 levels. Short-term charts (15min-1hour) are beginning to show signs of reversals, but resistance which is now placed at the 32.50 region needs to be broken to confirm a bullish reversal. The long-term trend set-up should be taken into consideration. It is still recommended to stay long and add positions on dips. Our risk is around 31.00 region for now.

Trading Recommendations:

Stay long for now. Stop at 31.00. Target open (fresh highs).

Good Luck!

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