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02.09.201415:25 Forex Analysis & Reviews: Daily analysis of Silver for September 02, 2014

Long-term review

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Overview

According to the shown H4 chart, the price's closure below the level of 19.50 yesterday gave new opportunities for sell-signals. Currently, the metal has already managed to break the support area to trade below it and open the way towards the level of 19.20 as the first target. Then, the metal should test the support level of 19.20 in order to get more bearish move till reaching the support level of 18.90 as the second target. On the other hand, the metal's rebound from the support level of 19.20 cancels bullish scenario.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3 (18.75).

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