FX.co ★ Daily analysis of Silver for September 16, 2014

Overview

In today's H4 chart, we see that the metal is trading between the support level of 18.50 and below the resistance level of 19.75 after its failure to break the resistance level yesterday. It has bounced from it to take a slightly downward move. Currently, it is testing the support level of 18.50. At presently, we suggest waiting for closing above the resistance level of 18.75 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 19.00. After breaking this resistance level, silver would open the way towards the resistance level of 19.20 that, which means more bullish signals.

Resistance and support levels: R3 (19.20), R2 (19.00), R1 (18.75), S1 (18.50), S2 (18.30).