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Silver Technical Outlook for short term 22.07.2014

Silver September contract inched 243 rupees up to settle at 45174. Silver is hovering near 20 days SMA whereas MACD has fallen below signal line indicating weakening bullish momentum. Stochastic is getting support at 40 marks and has given a bullish cross that suggests areas of 44500-44200 as very support strong. Today price objective for bulls would be 45600 above that it will try heading towards 45900-46300 zones. Key resistance would remain at 46400 and closing above that level would bring 48000 in coming days. Support is now seen near 44975 and then at 44600 any failure below 44970 would bring retest to 44600-44300 zones. Key support would remain at 44200.

Silver trading range for the day is expected among the key support at 44700 and resistance at 45600.

Recommendation:

·         Today buying silver above 45600 with stop loss below 45200 for targeting 45900-46300 and more upside.

·         Selling below 44700 with stop loss above 45050 for targeting 44400-44000 and more down side might be appropriate. 

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