Daily analysis of Silver for January 21, 2014 Trend News

Overview

In the today's H4 chart, silver is still stabilizing above the Support level of 20.00 after it could not break it last week, and currently it is bouncing from it towards the Resistance level of 20.20. So we still suggest waiting for closing above the next Resistance level in case of bouncing from the Support level of 20.00 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.50, then after breaking this Resistance level silver would open the way towards the Resistance level of 20.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.20, this cancels the bullish scenario.

Resistance and support levels:R3 (20.75) R2 (20.50) R1 (20.20) S1 (20.00) S2 (19.75) S3(19.50)

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