FX.co ★ Daily analysis of Silver for September 26, 2014

Overview

As it is seen from today's 4H chart, the metal is stabilizing above the support level of 17.50 after its failure to break the support level of 17.30 and has bounced from it. Currently, we should wait for retesting of the support level of 17.50again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 17.30. Therefore, we can consider our first target a few pips above this support level, but as long as the price is still above the support level of 17.50, this cancels the bearish move scenario.

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