FX.co ★ Daily analysis of Silver for October 28, 2014

Overview 

In the today's H4 chart, yesterday the metal failed to break the Support level of 17.00 to bounce again from it and trade between the Support level of 17.00 and the Resistance level of 17.30. Currently, the metal is re-testing the Resistance level of 17.30 again, therefore we should wait for closing above it to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 17.50, then the second target of 17.75 after breaking this Support level. But as long as silver is trading below 17.30, so waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (17.75), R2 (17.50), R1 (17.30), S1 (17.00), S2 (16.75), S3(16.50)