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Silver: Further upside with key support at 21.70

Silver unexpectedly rocketed higher to reach 22.18. We have seen a drift lower to 21.70 but we will need to recover 21.80 to stablise the market. We then look for 21.95 before a retest of 22.18. If we continue higher look for a selling opportunity at 22.25/28 with stops above 22.38. Below 21.75 however keeps the market under pressure for 21.60/55. A bounce from here is possible but yesterday’s move does not change the fact that we are in a bear trend & if we continue lower look for a test of the next support at 21.33 before a buying opportunity at 21.13/10.

Jason Sen
Daily Technical forecasts US, Europe & Asia
Equity Index, Commodities, Forex & Fixed Income
daytradeideas.com
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