FX.co ★ Daily analysis of Silver for March 07, 2014

Overview

As shown in the today's H4 chart, the metal failed again to break the Support level of 21.00 to bounce again and trade between the Support level of 21.25 and below the Resistance level of 21.75, and currently it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 21.75 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.20, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.75 this cancels the bullish scenario.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (21.00), S3(20.50)