FX.co ★ Daily analysis of Silver for June 04, 2014

Overview

 Based on the H4 chart above, silver is still stabilizing between the Support at 18.60 and the Resistance level of 19.00 after its failure to break the Support level of 18.60 since last week. If silver continues its  bearish trend and manages to break the Support level, it will produce a strong indicator for the downward move and open the way towards the Support level of 18.30. In this case, we should wait for  the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.20 then 19.50.

Resistance and support levels: R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).