FX.co ★ Daily analysis of Silver for September 03, 2014

Overview

As shown on today's H4 chart, the metal failed to break the support level of 19.00 and is still trading between the support level and below the resistance level of 19.20. Currently, it is bouncing from the support level and is preparing for the bullish move. So, we still suggest waiting for closing above the resistance level of 19.20 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 19.50. Then, after breaking this resistance level silver would open the way towards the new resistance level of 19.75, which means more bullish signals. But as long as the metal trades below the resistance level of 19.20, this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3 (18.50).