Daily analysis of Silver for February 24, 2014 Trend News

Overview

Last week we expected that the metal takes an upward move in case of closing above the resistance level of 21.75 Today, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance level and managed to close 4H above it. Currently, it is approaching the Resistance level of 22.00. 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 22.20. But if silver closes 4H below 22.20 in this case we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.

Resistance and support levels: R3 (22.50), R2 (22.20), R1 (22.00), S1 (21.75), S2 (21.25), S3 (21.00).

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