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FX.co ★ Daily analysis of Silver for July 04, 2014

Daily analysis of Silver for July 04, 2014

Daily analysis of Silver for July 04, 2014

As shown in today's H4 chart, the metal has failed again to break the Support level of 20.90 and is still trading between the Support level and below the Resistance level of 21.20. Currently, it is bouncing from the Support level and starting for the bullish move. So we'll be waiting for it closing above the Resistance level of 21.20 in case of bouncing from the Support level in order to provide us with a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.50. Then, after breaking this Resistance level, silver would open the way towards the Resistance level of 21.75, which means more bullish signals. But as long as the metal trades below the Resistance level of 21.20, this cancels the bullish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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