02.01.201517:17 Forex Analysis & Reviews: Daily analysis of silver for January 02, 2015

Long-term review

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Overview

The H4 chart demonstrates today that silver still cannot break the support level of 15.50 and is currently trading above it and below the resistance level of 16.00, so we should wait for the mid-day closing. If the metal manages to close 4H below it, there might be a good opportunity to sell until it reaches the support level of 15.20 after closing 4H below. After that we should wait for breaking out this support level for the bearish move to continue . In case silver is able to break the support levels of 15.20 and closes 4H below them, we will get bearish strength which will provide new sell signals and enable the support level of 15.00 as a target level.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.50), S2 (15.20), S3 (15.00).

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