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

As shown in the today's H4 chart, the metal is stabilizing above the support level of 19.00 after its failure to break the resistance level of 19.20 again. Currently, we should wait for retesting the support level again and closing below to get the bearish opportunity. In that case, we will get a good opportunity to sell below the support level until testing the next support level of 18.75. Therefore, we can consider our first target few pips above this support level. But as long as the price is still above the support level of 19.00, this cancels the bearish move scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3(18.50).