Daily analysis of Silver for October 21, 2014 Market Analysis Review

Overview

As shown from the today's H4 chart, the metal is stabilizing above the support level of 17.30 after its failure to break last week. Currently, we must wait for retesting the Support level again and closing below to get the bearish move opportunity according to its rebound from the resistance level of 17.50. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 17.00. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 17.30, this cancels the bearish move scenario.

Resistance and support levels: R3 (18.00), R2 (17.75), R1 (17.50), S1 (17.30), S2 (17.00), S3(17.75).

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