FX.co ★ Daily analysis of Silver for August 08, 2014

Overview

According to our previous expectations, the price closure below the Resistance level of 29.00 will give new opportunities for sell signals. Currently, the metal has already managed to close below the Resistance level to trade below and open the way towards 19.75 as the first target. Then, the metal must test the Support level of 19.75 to gain more bearish move until it reaches the level of 19.50 as the second target. On the other hand, the metal's rebound from the Support level of 19.75 cancels the bearish scenario.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.20), S3(18.90)