FX.co ★ Daily analysis of Silver for October 03, 2014

Overview 

As it was expected yesterday, more bearish signals would be available after breaking the Support level of 17.00, then the metal has kept its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level of 16.75. Currently, as shown, the metal is hitting the Support level of 16.75 and starting to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for new buy signals with the first target few pips below the Resistance level of 17.00, then after breaking this Resistance level, Silver would open the way towards the Resistance level of 17.30, which means more bullish signals. 

Resistance and support levels: R3 (17.50), R2 (17.30), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.30)