FX.co ★ Daily analysis of Silver for February 04, 2013

Overview

Based on the H4 chart, silver is stabilizing below the Resistance level of 19.50 after its rebound from the Support level of 19.00 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 19.20, this will give a strong indicator for the downward move and open the way towards the Support level of 19.00 again, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level of 19.20 and reverses its downward move, it may be a good opportunity for a bullish signals enabling the Resistance level of 19.75. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 20.20 . 

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (19.00)