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Outlook for Silver

BofA Merrill Lynch notes:The year-to-date silver consolidation is nearing its conclusion. Get ready for one last "(e" leg up, which should not break the May-18 high at 17.79.We will look to sell that rally for a resumpti…

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BofA Merrill Lynch notes:

The year-to-date silver consolidation is nearing its conclusion. Get ready for one last "(e" leg up, which should not break the May-18 high at 17.79.

We will look to sell that rally for a resumption of long-term downtrend to 13.36, secular trendline support. Below the Mar-11 low at 15.29 says the long term downtrend has resumed. 

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