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Silver Trading View for short term trader

Silver May contract inched 167 rupees down to settle at 45673. Silver headed an intraday low of 45227 breaching key support of 45500 but could not close below the same. Today price objective for bears would be 45200 any sustained move below that level would bring more weakness and then we may see a retest to 44900-44600 and more down side. Resistance is now seen near 46100 any sustained move above that level would bring 46500-46800-47000 and more upside might be appropriate.

Trading range for the day is expected among the key support at 45000 and resistance at 46000.

Recommendation:

·         Today buying silver around 45400-600 with stop loss below 45200 for targeting 46000-46500 and more upside might be appropriate.

·         Selling below 45200 with stop loss above 45650 for targeting 44800-44400 and more down side might be appropriate.

·         Buying silver above 46100 for targeting 46500-46800 with stop loss below 45700 might be appropriate for the day. 

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