FX.co ★ Technical analysis of Silver for February 07, 2014

Silver has made a base and moved up. $18.7 is being supported (a breakout of the falling channel). If $20.25 is crossed, then Silver would quickly move to $20.5 and $21.5. In the daily chart Silver has had support at the level of $19.0 for three consecutive days. During this week, it is making a higher lows formation and Silver is trading above 21DEMA which gives a bull indication until it holds the recent support at $18.7. RSI is in a buying mode.

Resistance: $20.275, $20.60.

In the hourly chart the price has support at the level of $19.8 and is trading below 21DEMA. In the latest hours of trade yesterday, the price was unable to cross above $19.960. Currently, Silver is trading at the level of 19.885. Oscillators gave a negative signal.

Intra support: $19.8, $19.6, $19.255.

Resistance: $19.96, $20.1, $20.225.