Daily analysis of Silver for November 05, 2014 Market Analysis Review

Overview

Silver has failed to break the Support level of 15.00 to bounce again from it and to trade between this Support level of 15.30 and below the Resistance level of 15.75. Currently, the metal is approachig the Resistance level of 15.75 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 16.00, then the second target at 16.40, after breaking this Support level. But as long as silver is trading below 15.75, waiting would be preferred in that case as it cancels the bullish move scenario.

Resistance and support levels: R3 (16.40), R2 (16.00), R1 (15.75), S1 (15.30), S2 (15.00), S3(14.80).

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