FX.co ★ Daily analysis of for Silver May 19, 2014

Overview

As shown in the today's H4 chart, the metal is stabilizing above the support level of 19.20 with the upward trend line after its failure to break the support area last week. Currently, we must wait for re-testing the Support area again and closing below to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 18.90. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support area this cancels the bearish move scenario.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3(18.70).