FX.co ★ Daily analysis of Silver for March 09, 2015

Overview

According to the today's H4 chart, the metal has failed to break the support level of 15.70 to bounce again from it and trades between this support level and below the resistance level of 16.00. Currently, the metal is most likely retesting the resistance level of 16.00 again; therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.30, then the second target at 16.75 after breaking this support level. But as long as silver is trading below 16.00, it cancels the bullish move scenario and so, waiting would be preferred.

Resistance and support levels: R3 (16.50), R2 (16.30), R1 (16.00), S1 (15.70), S2 (15.50), S3(15.20)