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silver

Bobbys Corner-Open Market-Oct.10.2012

Good Morning:

A fairly lackluster overnight session-with the majors showing no real activity.

Fitch Ratings commented that the US fiscal cliff, EU crisis, and a potential “hard landing” for the Chinese economy will be
a risk to the global economy.  Thanks-I think we knew that!

Silver back above 100 day MA at $34.40. $35.60 the next target

fxdd-pic-2715

Silver is back above the 100 day MA at the $34.40 level. This level will be eyed today by traders.  Price above and the bias is bullish. Price below and the bias is bearish.

Looking at the hourly chart, the price has been tracking the channel in the hourly chart below. The next target to breach is the 35.60 level. A move above should see further upward momentum with the $37.20 level not out of the question (represents the higher trendline in the chart below).

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