Trading price of silver awry heading towards the bullish symmetrical triangle resistance referred to in our morning report, while SMA 50 continues to form a resistance barrier to intraday trading.
Thread: Silver
Trading price of silver awry heading towards the bullish symmetrical triangle resistance referred to in our morning report, while SMA 50 continues to form a resistance barrier to intraday trading.
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It seems there were buyers of silver around 31.58 support, for several days, the price is not able to overcome this mark, especially after such a strong decline of the southern to the northern hopefully correction, waiting to buy an additional signal-strengthening above 32.20.
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Up movement of silver blocked by daily pivot point (31.87), now price is trying to break up this level. Silver had been weakened sharply yesterday followed movement of gold. many traders prefer buy position with dollar as save currency. Trend for medium and long term look down, it can affect for price today.
Expected trading range for today is between: Support 30.70 Resistance 33.00
General tendency is expected for the day: Down,
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The short term trend of the Silver is to the upside. Intraday trading range of the Silver is expected among key support at 30.30 and key resistance at 33.00. Based upon my chart analysis, I prefer to stay aside from the pair until we get a confirm setup for the upcoming big move.
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one thing for sure is: "If you want to specify the purchase of long-term and then books never lose. to earn much pips. "So today, it is starts again, but he has silver, and in the autumn, when the USDA honey begins when the US Department of Agriculture have begun to increase their chances.
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Silver technical analysis for 30.10.2012 by using : Auto pivot indicator.
resistance 3:32.63
resistance 2:32.41
resistance 1:32.09
pivot point :31.87
support 1:31.55
support 2:31.33
support 3:31.01
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Elliott: flat correction down 31.61
It might hold above 31.73 or around 31.69 for a rise towards above 32.10. Stop loss below 31.57 zone.
Warning: Harami
Technical points
Key point 31.6000
Entry point 31.9200
Elliott 32.3400
Closing 31.7800
Projection 31.6100
Trendline 31.6900
Trendline 31.7700
Supports / Resistances
Res 2 32.4200
Ex-High 32.2100
Res 1 32.1000
Pivot 31.8900
Sup 1 31.5700
Ex-Low 31.6900
Sup 2 31.3700
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Silver position is good.If any trader sell silver.he must profit from this currency.Last week i get 5.69$ profit from silver.So i suggest sell silver to get profit.
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Silver is still not allowed to go above the blue alligator slide, the price again strayed from it (the resistance 32.15) and continues to fall, while for a strong reduction still need to break through the support of 31.55, but I think it will withstand the pressure of the bears.
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