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FX.co ★ Daily analysis of Silver for December 02, 2014

Daily analysis of Silver for December 02, 2014

Daily analysis of Silver for December 02, 2014

Overview 

From the today's H4 chart, yesterday the metal failed to break the Support level of 16.00 to bounce again from it and trade between the Support level the Resistance level of 16.50. Currently, the metal is approaching the Resistance level of 16.50. Therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 16.75, then the second target 17.00 after breaking this Support level. But as long as silver is trading below 16.50, waiting would be prefered in that case and cancels the bullish move scenario.

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



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