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Silver technical outlook for intraday 07.10.2014

Silver December contract inched 600 rupees up to settle at 38488. Silver has witnessed a nice recovery and headed an intraday high of 38600 yesterday. Today price objective for bulls would 38600 and above that it will try moving towards 39000-39400 and more upside. Key resistance would remain at 40000. Support is now seen near 37900 and then at 37200 any failure of 37900 may bring another retest 37600-37400 zones whereas failure of 37200 would bring more weakness and then we will see a decline towards 36500-36000 and more down side.

Silver trading range for the day is expected among the key support at 37900 and resistance at 38600.

Recommendation:

·         Today again buying silver above 38600 with stop loss below 38300 for targeting 39100-39600 and more upside might be appropriate.

·         Selling can be taken below 37900 with stop loss above 38100 for targeting 37600-37400 and more down side might be appropriate. 

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