FX.co ★ Daily analysis of Silver for June 23, 2014

Overview

Based on the H4 chart above, silver stabilized below the Resistance level of 20.90 after hitting it yesterday then bouncing to take a slightly downward move as shown. If silver continues its bearish move and manages to break the Support level of 20.50, it will produce a strong indicator for the downward move and open the way towards the Support level of 20.20. 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 21.20 then 21.50.

Resistance and support levels: R3 (21.50), R2 (21.20), R1 (20.90), S1 (20.50), S2 (20.20), S3(20.00).