FX.co ★ Daily analysis of silver for February 26, 2014

Overview

From today's H4 chart we see that the metal is still trading between the support level of 21.25 and below the resistance level of 21.75. Silver 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 21.25 again. Presently, we suggest waiting for closing above the resistance level of 21.75 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 22.00. After breaking this resistance level, silver would open the way towards the rResistance level of 22.20, which means more bullish signals.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (20.90), S3(20.50).