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Silver technical outlook 07.08.2014

Silver September contract inched 539 rupees up to settle at 43920. Silver also getting good support near 50 days SMA and stochastic is also producing oversold reading at the same time that may help prices to recovery from 50 days SMA that stands near 43600 zones. Today resistance would be 44200 any sustained move above that level would bring more charm and then we may see a rally towards 44500-44800 zones. Key resistance would remain at 44800 and any sustained move above that level would bring more charm and then we may see 45300-45800. Support is now seen near 43200 any failure below that level would bring 42700-42200 and more down side.

Silver Trading range for the day is expected among the key support at 43250 and resistance at 44230.

Recommendation:

·         Today again selling silver on jumps around 43700-43800 with stop loss above 44230 for targeting 42900-42600 and more down side might be appropriate.

·         Buying above 44230 with stop loss below 43900 for targeting 44700-45100-45500 and more upside might be appropriate.

·         In alternative scenario selling below 43250 with stop loss above 43500 for targeting 42950-42600 and more down side might be appropriate. 

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