FX.co ★ Daily analysis of Silver for August 28, 2014

Overview

Yesterday, the metal failed to break the support level of 19.30 to reverse its bearish movement and took a slightly upward move. As seen in today's H4 chart, it is currently trading below the resistance level of 19.80. Given that, the pair continues its bullish movement and closes 4H above the resistance level of 19.80, it would be another opportunity for more bullish signals with the first target few pips below the resistance level of 20.00. Then, we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 20.20 as the second target.

Resistance and support levels: R3 (20.20), R2(20.00), R1(19.80), S1 (19.60), S2 (19.30), S3(19.00).