FX.co ★ Daily analysis of Silver for September 05, 2014

Overview

As shown in the today's H4 chart, the metal failed again to break the support level of 19.00 and is still trading above the support level and below the resistance level of 19.20. Currently, silver is bouncing from the support level and starting the bullish move. So, we still suggest waiting for closing above the resistance level of 19.20 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 19.50. Then, after breaking this resistance level, silver would open the way towards the resistance level of 19.75, which means more bullish signals. However, as long as the metal trades below the resistance level of 19.20, it cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (18.00), S2 (19.75), S3 (18.50)