Overview
As shown in the today's H4 chart, the metal failed to break the Support level of 19.85 to reverse its downward trend and is trading between the Support level of 20.00 and below the Resistance level od 20.20. Currently, it is testing the Resistance level and starting the bullish move. So we still suggest waiting for closing above the Resistance level of 20.20 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 20.90, 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 (20.90), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.85).
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of Silver for March 25, 2014 . Thanks for your support on Daily analysis of Silver for March 25, 2014
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