FX.co ★ Daily analysis of Silver for 28 November, 2014

Overview

As it is seen in today's H4 chart, the metal is stabilizing above the Support level of 16.00 after breaking the Support level of 16.50 yesterday. Currently, we should wait for retesting the Support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 15.70. 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 16.00, this cancels the bearish move scenario.

Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)