Daily analysis of Silver for October 24, 2014 Market Analysis Review

Overview

The 4H chart demonstrates that silver is going to take an upward move after its rebound from the Support level at 17.00 and currently is approaching the Resistance level of 17.30 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this Resistance level with the first target few pips below the Resistance level of 17.50. Then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently, we recommend waiting for breaking the Resistance level of 17.30 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.

Resistance and support levels: R3 (17.75), R2 (17.50), R1 (17.30), S1 (17.00), S2 (16.75), S3(16.50)

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