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Silver Futures Market 2 Sep 2010

December silver futures delivered another strong performance today with the December contract opening at $19.34 per ounce to currently trade at $19.69 at time of writing.  Since the breakout of last week the momentum for silver futures has continued unabated and, as such, we now look set to break through the psychological $20 per ounce region both on Globex and the silver spot market.  This move higher is strongly supported by all three moving averages and in particular both the 9 and 14 day, which are pointing sharply higher, and with the deep price congestion now providing a platform below we can expect silver futures to continue their recent progress and break through the $20 per ounce in due course.