FX.co ★ Daily analysis of silver for April 23, 2014

Overview

As shown in the today's H4 chart, the metal is stabilizing above the support level of 19.20 after its failure to break the support level last week. Currently, we must wait for re-testing the support level again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the sSupport level till testing the next support level of 18.75. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 19.20, this cancels the bearish move scenario.

Resistance and support levels: R3 (20.20), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.75), S3 (18.50)