FX.co ★ Daily analysis of Silver for April 07, 2014

From the today's H4 chart, the metal is trading between the support level of 19.75 and below the resistance level of 20.20 after its failure to break the resistance level last week and bounced from it to take a slightly downward move and currently is re-testing the support level of 19.75 repeating last week's scenario. Presently, we suggest waiting for closing above the resistance level of 20.20 in case it bounces from the support level to give us a new opportunity for more 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 (20.90), R2 (20.50), R1 (20.20), S1 (19.75) S2 (19.50)