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Day two: our potential silver trade

Silver reached a high of 1954 in trade yesterday, so just shy of my potential sell limit of 1960. 

If we look at traditional overbought/oversold indicators on both the hourly or daily chart, they suggest there could be a touch more downside. However I am still looking for a rebound to enter the trade.

The technical set-up in the metal is bearish and I will wait to see if the metal can close below trend support drawn from the June 2013 low on the weekly chart at 1910. If this materialises I feel silver could head a lot lower over the medium term, and note a number of strategists are talking about this support. I would expect good buying around this trend, thus I am amending my potential profit target to 1915.

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