FX.co ★ Daily analysis of silver for April 18, 2014

Overview

From the today's H4 chart, silver is still stabilizing above the support level of 19.50 and could not break it and currently is bouncing from it towards the resistance level of 19.75. So we still suggest waiting for closing above the resistance level of 19.75 in case of bouncing 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 20.20, then after breaking this resistance level silver would open the way towards the resistance level of 20.50, which means more bullish signals, but as long as the metal trades below the resistance level of 19.75 this cancels the bullish scenario.

Resistance and support levels: R3(20.50), R2 (20.20), R1 (19.75), S1 (19.50), S2 (19.20), S3 (18.75)