Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level of 18.60 to bounce again from it and trade between this Support level and the Resistance level of 19.00. Currently, the metal is approaching the Resistance level of 19.00 again, 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 19.20, then the second target of 19.50 after breaking this Resistance level. But as long as silver is trading below 19.00, waiting would be prefered in that case that would cancels the bullish move scenario.
Resistance and support levels: R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).
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Performed by Arief Makmur, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of Silver for June 03, 2014
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