Daily analysis of Silver for May 02, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal is stabilizing between the Support level of 18.90 and the Resistance level of 19.20 after its failure to break the Support level of 18.70 yesterday. Currently, we must wait for re-testing the Support level of 18.90 again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level of 18.70. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level of 18.90 this cancels the bearish move scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (18.90), S2 (18.70), S3 (18.20)

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