Daily analysis of Silver for July 01, 2014 Trend News

Overview

Based on the H4 chart above, silver is still stabilizing between the Support of 20.90 and the Resistance level of 21.20 after its failure to break the Resistance level last week. If silver continues its bearish move and manages to break the Support level of 20.90 which is being tested now, it would provide a strong indicator for the downward move and open the way towards the Support level of 20.50 as a kickoff. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy signals from this level till reaching the Resistance level of 21.50 then 21.75.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

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