FX.co ★ Daily analysis of Silver for December 08, 2014

Overview

From the today's H4 chart, the metal is trading between the support level of 16.00 and below the resistance level of 16.50 after its failure to break the resistance level last week and bounced from it to take a slightly downward move and currently is approaching the support level of 16.00 repeating last week's scenario. Presently, we suggest waiting for closing above the resistance level of 16.50 in case it bounces 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 16.75, then after breaking this resistance level, silver would open the way towards the resistance level of 17.00, which means more bullish signals. 

Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)