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Aug 13

TECHNICAL ANALYSIS BY NSFX 13.08.2013

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Silver is outperforming gold recently and that is why it deserves some attention.  It is too early to judge whether is a bear market rally or the beginning of a bull market but  the metal on the daily chart is above both the 21 SMA and the 55 EMA and there is not a black candle in the last 4 trading session.  A breakout above 22.30 likely will bring more buyers, meanwhile conservative traders will wait for a retracement to the trendline.  The last time that silver traded at 18.23 was in summer 2010. It is likely that if price should break the demand line and then go below 18 bearish traders will be in control again.

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