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Silver falls further on risk off trade. Below key support
Silver has fallen below the $40 level on the back of risk off trading, and tests the bottom trendline at the 39.75 level. The price has found some support against the level. However, the move lower has the potential to gain momentum. The pair has fallen back below channel support on the daily chart at the $40.85 level. This level also corresponds with the 38.2% of the move up from the January 2011 low to the high (see chart below).