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23.07.201417:47 Forex Analysis & Reviews: Daily analysis of Silver for July 23, 2014

Long-term review

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Overview

From the today's H4 chart, yesterday the metal failed to break the Support level of 20.75 to bounce again from it and trade between the Support level and the Resistance level of 21.00. Currently, the metal is retesting the Resistance level of 21.00. Therefore, we should wait for closing above it to continue its upward trend move. Given that, the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 21.20, then the second target of 21.50 after breaking the Resistance level. But as long as silver is trading below 21.00, waiting would be prefered in that case. It cancels the bullish move scenario.

Resistance and support levels: R3 (21.50), R2 (21.20), R1 (21.00), S1 (20.75), S2 (20.50), S3(20.20)

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