FX.co ★ Daily analysis of Silver for May 23, 2014

Overview

Based on the H4 chart above, silver has stabilized above the Support area again after its rebound from the Resistance level of 19.75 yesterday. If silver continues its bearish move and manages to break the Support area after closing below the upward trend line, it will produce a strong indication for the downward move and open the way towards the Support level of 19.20 again. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.00 respectively.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3 (18.70).