FX.co ★ Daily analysis of Silver for September 24, 2014

Overview 

In the today's H4 chart, silver has stabilized above the Support level of 17.50 and could not break it. Currently, it is bouncing towards the Resistance level of 17.75 to test it. So we still suggest waiting for closing above the Resistance level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 18.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 18.30, which means more bullish signals, but as long as the metal trades below the Resistance level of 17.75 this cancels the bullish scenario. 

Resistance and support levels: R3 (18.30), R2 (18.00), R1 (17.75), S1 (17.50), S2 (17.30), S3(17.00).