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Silver - Symmetrical Triangle Favours a Bullish Bias

Silver continues to consolidate. The current mild price weakness and the potential symmetrical triangle favour a bullish bias. A key resistance stands at 16.73 (25/11/2014 high). Other resistances lie at 17.04 (15/10/2014 low) and 17.41. An hourly support can be found at 16.08 (02/12/2014 low).

In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend. Although the strong support at 14.66 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a long-term bearish bias. A resistance lies at 17.80 (15/10/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

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