FX.co ★ Daily analysis of Silver for February 20, 2014

Overview

As shown in the today's H4 chart, the metal has failed more than once to break the Resistance level of 21.75 and is still trading above the Support level of 21.25. Currently, silver is bouncing from the Support level and starting the bullish move. So we still suggest waiting for re-testing the Resistance level of 21.75 again in case of bouncing from the Support level of 21.25 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.20, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.75, this cancels the bullish scenario.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (20.90), S3(20.50).