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06.02.201509:19 Forex Analysis & Reviews: Daily analysis of Silver for February 06, 2015

Long-term review

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Overview

As it is seen on today's H4 chart, the metal is stabilizing above the support level of 17.00 after its failure to break the support level yesterday. So, it has bounced again. Currently, we should wait for retesting the support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 16.75. Therefore, we can consider our first target a few pips above this support level, but as long as the price is still above the support level of 17.00, this cancels the bearish scenario.

Resistance and support levels: R3 (18.00), R2 (17.70), R1 (17.50), S1 (17.00), S2 (17.75), S3(17.50).

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