FX.co ★ Daily analysis of Silver for March 20, 2014

Overview
As it was expected last week, more bearish signals would be available after breaking the Support level of 20.20, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level of 20.00. Currently, as shown, the metal is hitting the Support level of 20.00 and starting to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for new buy signals with the first target few pips below the Resistance level of 20.50, then after breaking this Resistance level, Silver would open the way towards the Resistance level of 20.90, which means more bullish signals.

Resistance and support levels: R3 (21.25), R2 (20.90), R1 (20.50), S1 (20.20), S2 (20.00), S3(19.75)