Daily analysis of Silver for May 16, 2014 Trend News

Overview

According to our yesterday's expectations, the price’s close below the Support level of 19.50 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level to trade below and open the way towards 19.20 as the first target, then the metal must test the Support level of 19.20 firstly to get more bearish move till reaching 18.90 as the second target. On the other hand, the metal's rebound from the Support level of 19.20 cancels bearish scenario.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3(18.70).

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