FX.co ★ Daily analysis of Silver for February 18, 2015

Overview

On today's H4 chart, the metal is still trading between the support level of 16.30 and the resistance level of 16.50 after it has failed to break the resistance level yesterday and bounced from it to take a slightly downward move. Currently, it is approaching the resistance level of 16.50 again. Presently, we suggest waiting for closing above this resistance level 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 16.75, then after breaking this resistance level silver would open the way towards the resistance level of 17.00, which means more bullish signals.

Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.30), S2 (16.00), S3 (15.75).