09.04.201417:08 Forex Analysis & Reviews: Daily analysis for Silver for April 09, 2014

Long-term review

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Overview

As it was expected, more bearish signals became available after breaking the Support level of 19.75 yesterday, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level of 19.50. Currently, as shown, the metal is hitting the Support level of 19.50 and starting to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for new buy signals with the first target few pips below the level of 20.20, then after breaking this Resistance level, Silver would open the way towards the Resistance level of 20.50, which means more bullish signals.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.75), S1 (19.50), S2 (19.20), S3(18.75).

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