Daily analysis of silver for December 23, 2014 Market Analysis Review

Overview

On the today's H4 chart, yesterday the metal failed to break the support level of 15.70 to bounce again from it and trade between the support level of 15.70 and the resistance level of 16.00. Currently, the metal is retesting the resistance level of 16.00 again, therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 on the above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.50, then the second target of 16.75 after breaking this resistance level. But as long as silver is trading below 15.70, waiting would be prefered, otherwise, it cancels the bullish move scenario.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).

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