Overview
As it was expected, the metal took an upward move in case of closing above the resistance level of 21.20. Today, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area and it managed to close 4H above it. Currently, it is approaching the Resistance level of 21.50. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 21.75. But if silver closes 4H below 21.50 we should wait for testing the Support area again before making a decision and also cancel the bullish move scenario.
Resistance and support levels: R3 (22.00), R2 (21.75), R1 (21.50), S1 (21.20), S2 (20.90), S3 (20.50).
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Performed by Hossam Soliman Ali, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of Silver for July 10, 2014
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