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Spot Silver Weekly Chart Analysis 22 Nov 2010

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Spot Silver Weekly Chart 22 Nov 2010

A bullish end to the week for spot silver which opened at $25.99 and closed on Friday at $27.23 as a wide spread up candle with a deep shadow to the lower body, suggesting further bullish intent for spot silver.  This has duly arrived in early trading this morning with the industrial metal opening gapped up at $27.69, having just failed, at time of writing, to breach the $28 per ounce price point.  The technical outlook remains firmly positive with all four moving averages still pointing sharply higher and this bullish outlook further confirmed by last week’s test to the downside which found strong support from the 9 week moving average.  We are now well beyond our year end target of $26.50 and are now looking for the metal to close the year around the $28.50 per ounce price handle, if not higher.

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