Daily analysis of Silver for February 03, 2013 Trend News

Overview

As it was expected last week, the metal would reverse its bearish move to start its upward direction and open its way towards the level of 19.50 in case of closing 4H above the Support level of 19.00. Today and as shown in the today's H4 chart, the metal has already taken a bullish move after it managed to break the Resistance level of 19.20 yesterday and closed above it. But immediately it bounced again from the Resistance level and currently is trading below it. So waiting is prefered now till closing above the next Resistance level in case of the metal tests it again to open the way towards 19.50 as the first target.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3(18.50).

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