Daily analysis of Silver for February 12, 2015 Market Analysis Review

Overview

Today's H4 chart shows that the metal is still trading between the support level of 16.75 and below the resistance level of 17.00 after its failure to break the resistance level yesterday to continue the upward trend. Today, silver has bounced from the resistance level to take a slightly downward move and trade below it. Presently, we suggest waiting for closing above the resistance level in case of continuing its upward movement to give us a new opportunity for more buy signals with the first target few pips lower the resistance level of 17.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 17.70, which will give us more bullish signals.

Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).

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