Overview
As shown in the today’s H4 chart, the metal failed again to break the support level of 20.90 and is still trading between the support level and below the resistance level of 21.20. Currently, it is bouncing from the support level and starting for the bullish move. So we still suggest waiting for closing above the resistance level of 21.20 in case of bouncing from the support level in order to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 21.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 21.75, which means more bullish signals, but as long as the metal trades below the resistance level of 21.20 this cancels the bullish scenario.
Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50)
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Performed by Hossam Soliman Ali, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of silver for June 26, 2014
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