Daily analysis of for Silver May 13, 2014 Trend News

Overview
According to out last week expectations, Silver would take an upward move after its rebound from the Support level of 18.90. Currently, it is testing the Resistance level of 19.50 trying to break it through to continue its bullish move. More buy-signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 19.75, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting till breaking the Resistance level of 19.50 before decision making. But as the price is trading below the Resistance level it cancels the first scenario.

Resistance and support levels:

R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3(18.70)

The material has been provided by InstaForex Company - www.instaforex.com



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