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Spot Silver Could Witness Bullish Rebound

Published 05/30/2013, 08:51 AM
Updated 05/14/2017, 06:45 AM

Silver is pushing gradually higher this morning, while the overall technical picture hasn’t changed. We continue to expect a bullish rebound within the upcoming short period, supported by different technical signals: the bullish hammer that was formed at 22.00 key support, and the bullish divergence seen on RSI.

Spot Silver
Support: 22.00, 21.50, 21.00, 20.50, 20.13
Resistance: 22.85, 23.25, 23.40, 23.70, 24.00

Based on the explanations and chart above, we prefer to long above 22.10 targeting 23.20 and 24.50. Stop loss below 21.15.

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