FX.co ★ Daily analysis of Silver for February 13, 2015

Overview

According to the current H4 chart, silver is still stabilizing above the support level of 16.75 and could not break it. Currently, it is bouncing from it towards the resistance level of 17.00. So, we still suggest waiting for closing above the resistance level in case of bouncing from the support level to provide a new opportunity for more buy signals with the first target few pips below the resistance level of 17.50. Then, after breaking this resistance level silver would open the way towards the resistance level of 17.70, which means more bullish signals, but as long as the metal trades below the resistance level of 17.00, this cancels the bullish scenario.

Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).