FX.co ★ Daily analysis of Silver for July 16, 2014

According to the attached H4 chart, the price closure below the resistance level of 20.75 gave the metal new opportunities for sell signals. Currently, the metal has already managed to close below the resistance level to trade below it. Besides, it was able to open the way towards 20.55 as the first target. Then, the metal must test the support level of 20.50 to get more bearish move till reaching 20.20 as the second target. On the other hand, the metal's rebound from the support level of 20.50 cancels the bearish scenario.

Resistance and support levels: R3 (21.20), R2 (21.00), R1 (20.75), S1 (20.50), S2 (20.20), S3(19.90)