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Silver Futures 25 Aug 2010

September silver futures continue to trade in a narrow range with yesterday’s wide spread up candle pushing the industrial metal back above the $18 per ounce level once again and firmly above all three short term moving averages as a result.  This positive momentum has continued in early commodity trading this morning with the silver futures contract currently moving towards the $18.60 per ounce price handle, breaking above the resistance area created over the last few months at this level.  Should this pattern continue later today and we end the silver futures trading session with a hold above this region, then this could provide us with a strong trading signal of an imminent break out to the upside as outlined in previous silver market commentaries.  Any initial move higher will need to breach the $19.2 price area and if this is cleared then $19.80 becomes the next logical target.