FX.co ★ Daily analysis of Silver for February 21, 2014

Overview

As shown in the today's H4 chart, the metal is stabilizing above the Support level of 21.25 after its failure to break the Resistance level of 21.75 again. Currently, we should wait for re-testing the Support level again and closing below to get the bearish opportunity. In that case, we will get a good opportunity to sell below the Support level untill the testing of the next Support level of 20.90. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level of 21.25 this cancels the bearish move scenario.

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