Daily analysis of Silver for May 26, 2014 Trend News

Overview

As shown on the today's H4 chart, the metal is stabilizing below the Resistance level of 19.50 after its failure to break the Support area of the upward trend line. Currently, we must wait for closing below the Support level of 19.20 and closing below to get the bearish move opportunity. In that case, we will get a good chance to sell below the Support level till the price tests the next Support level of 18.90. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support area and the upward trend line this cancels the bearish move scenario.

Resistance and support levels: R3 (20.20), R2 (19.75), R1(19.50), S1 (19.20), S2 (18.90), S3 (18.70)

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