FX.co ★ Daily analysis of Silver for February 11, 2015

Overview

From the today's H4 chart we see that the metal is still trading between the support level of 16.75 and below the resistance level of 17.00. Silver has failed to break the resistance level yesterday and bounced from it. It took a slightly downward move and currently it is retesting the support level of 16.75 again. Presently, we suggest waiting for closing above the resistance level of 17.00 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target of few pips below the resistance level of 17.50. After breaking this resistance level, silver would open the way towards the resistance level of 17.70, which means more bullish signals.

Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).