FX.co ★ Daily analysis of Silver for June 11, 2014

Overview

From the today's H4 chart, the metal failed to break the support level of 19.00 to bounce again from it and trade between the support level and below the resistance level of 19.20. Currently, the metal is re-testing the resistance level of 19.20, therefore we should wait for closing above to continue its upward trend move. The metal has managed to close 4H above today, so this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 19.50, then the second target of 19.75 after breaking this support level. But as long as silver is trading below 19.20, waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.60), S3 (18.30).