Daily analysis of Silver for May 22, 2014 Trend News

Overview

As it was expected yesterday, Silver has taken an upward move after its rebound from the Support area of the upward trend line with the Support level of 19.20. Currently, it is testing the Resistance level of 19.75 trying to break it through to continue its bullish move. More buy-signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 20.00, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting till breaking the Resistance level of 19.75 before decision making. But as the price is trading below the Resistance level it cancels the first scenario.

Resistance and support levels: R3 (20.20), R2 (20.00), R1 (19.75), S1 (19.50), S2 (19.20), S3 (18.90)

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