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Silver Technical Outlook for intraday

Silver May contract inched 940 rupees down to settle at 42289. Silver headed a low of 41526 but could not hold at lower levels and nicely jumped to settle back above 42000 levels. Stability below 42300 zones remains bearish for this commodity and we may see an extended down move that may take it to 41300-40000 zones in coming days. COMEX silver has good support at $19.30 and if fails to hold this level then we may see a retest to $18.50 and more down side. Resistance is now seen near 42800 any sustained move above that level may bring some charm back and then commodity may try heading towards 43300 and more upside. Overall key resistance would remain at 43450 on daily closing basis and stability below that level would keep this metal in bearish mood.

Silver trading range for the day is expected among the key support at 41500 and resistance at 43200.

Recommendation:

Ø  Today again selling silver on jump around 42300-42400 with stop loss above 42800 for targeting 41700-41400-40800 and more down side might be appropriate.

Ø  In alternative scenario selling below 41500 with stop loss above 41800 for targeting 41250-40800-40400 and more down side might be appropriate. 

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