FX.co ★ Daily analysis of Silver for January 09, 2014

OverviewВ 

As shown in the today's H4 chart, the metal failed again to break the Support level 19.50 and is still trading between the Support level and below the Resistance level 19.75. Currently, it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level 19.75 in case of bouncing from the Support level 19.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 20.00. Then after breaking this Resistance level silver would open the way towards the Resistance level 20.20, which means more bullish signals, but as long as the metal trades below the Resistance level 19.75 this cancels the bullish scenario.

Resistance and support levels: R3 (20.20) R2 (20.00) R1 (19.75) S1 (19.50) S2 (19.15)