FX.co ★ Daily analysis of Silver for January 14, 2014

Overview

In the today's H4 chart, the metal is still trading below the Resistance level of 20.50 and above the upward trendline which is tested now with the Support level of 20.20. So we should wait for closing 4H below the upward trendline to create a new bearish opportunities. In that case the metal might open its way towards the Support level of 20.00, then we should wait for breaking this Support level to continue the bearish move, so we can consider our first target few pips above this Support level, after that we should wait till reaching the support level of 19.75 as the second target.

Resistance and support levels:В R3 (21.00), R2 (20.75), R1 (20.50), S1 (20.20), S2 (20.00), S3 (19.75).