Daily analysis of Silver for March 10, 2015 Market Analysis Review

Overview

According to the today's H4 chart, the metal has failed to break the support level of 15.70 to bounce again from it and to trade between the support level and below the resistance level of 16.00. Currently, the metal is approaching the resistance level of 16.00; therefore, we should wait for closing above to continue its uptrend move. The metal has managed to close H4 above today, so this gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.30, then the second target of 16.50 after breaking this support level. However, as long as silver is trading below the level of 16.00, waiting would be prefered. This case will also cancel the bullish move scenario.

Resistance and support levels: R3 (16.50), R2 (16.30), R1 (16.00), S1 (15.70), S2 (15.50), S3(15.20)

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