FX.co ★ Daily analysis of silver for June 19, 2014

Overview

From today's H4 chart, the metal took an upward move yesterday after its rebound from the upward trend line yesterday breaking the resistance level of 20.00. But rapidly silver hits the resistance area of 20.20 which is tested now. Currently, silver is trying to break it through to continue its bullish move. In this case, we might get more opportunities for buy signals with first target few pips below the resistance level of 20.50 and then we should wait again till closing above this resistance level to continue the bearish move. But as long as the metal trades below the above-mentioned resistance area , this cancels the bullish move scenario.

Resistance and support levels: R3 (20.75), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.50), S3 (19.20)