Daily analysis of Silver for May 30, 2014 Trend News

Overview

As shown in today's H4 chart, the metal failed to break the Support level of 18.75 yesterday and reversed its downward trend to trade below the Resistance level of 19.20. Currently, it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 19.20 in case of bouncing from the Support level again to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50. Then after breaking this Resistance level, silver would open the way towards the Resistance level of 19.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 19.20 this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.70).

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