FX.co ★ Daily analysis of Silver for February 10, 2015

Overview

According to our yesterday's expections, the price's close below the resistance level of 17.00 would give new opportunities for sell signals. As shown on the H4 chart, the metal has failed to break the resistance level of 17.00 and has bounced from it. Currently, the metal is trying to break the support level of 16.75 and is approaching it to continue its bearish move. On the other hand, the metal's rebound from the support level of 16.75 cancels the bearish scenario.

Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S1(16.20).