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Silver Weekly Technical Outlook + MORE

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The sharp fall from 16.17 suggests short term topping there and deeper fall could likely be seen in silver initially this week. The failure to take out 16.37 resistance raised some doubts on the larger bullish outlook. Also, Silver struggled to sustain above 55 weeks EMA. Hence, break of 14.61 support, 61…

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The break of 1225.1 support affirmed our view of short term topping at 1287.8. Deeper pull back should be seen to 38.2% retracement of 1045.4 to 1287.8 at 1195.2 or below. But after all, price actions from 1287.8 should be corrective in nature. And, we’d expect rise from 1045.4 to resume later.

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Crude oil’s decline last week is taken as as early sign that rebound from 26.05 is completed at 41.90. That’s in line with our expectation of strong resistance from 40.00/41.42 resistance zone (61.8% retracement of 50.92 to 26.05 at 41.42, 38.2% retracement of 62.58 to 26.05 at 40.00). Break of 35.96 will confirm this view and turn bias back to the downside for 55 days EMA (now at 33…

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Risk Rally Dissipating…

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Crude oil slides further in Asian session as the market loses hopes on better demand/supply balance. The front-month contract for WTI crude oil, now trading around 36.3, stays at the lowest level in mid-March. Price has retraced more than -10% of the gains made in the February rally. Similarly, Brent crude has also retreated from its recent rally…

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Commodities slumped as led by crude oil prices which plunged to lowest levels in a month on dented hopes of production freeze. The front-month WTI contract extended weakness to as low as 35.46 before settling at 35.7, down -2.96%. The Brent contract also declined -2.53%, following a -2.35% drop last Friday…

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