FX.co ★ Daily analysis of Silver for July 09, 2014

Overview

As shown in today's H4 chart, the metal failed to break the Support level of 20.90 yesterday and is still trading above the support and below the Resistance level of 21.20. Currently, it is bouncing from the support level and starting the bullish move. So, we still suggest waiting for closing above the resistance level of 21.20 in case of bouncing 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 21.50. Then, after breaking this resistance level, silver would open the way toward the resistance level of 21.75, which means more bullish signals, but as long as the metal trades below the resistance level of 21.20, this cancels the bullish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).