Daily analysis of Silver for January 27, 2014 Trend News

Overview

In the today's H4 chart, the metal is trading between the Support level of 19.75 and below the Resistance level of 20.00 after its failure to break the Resistance level of 20.20 last week and the bounced from it to take a slightly downward move and currently is re-testing the Support level of 19.75. Presently, we suggest waiting for closing above the Resistance level of 20.00 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 20.20, then after breaking this Resistance level silver would open the way towards the Resistance level 20.50, which means more bullish signals.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.50), S3 (19.15).

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