empty
 
 
08.05.2014 03:45 PM
Daily analysis of Silver for May 08, 2014

This image is no longer relevant

Overview

As it was expected yesterday, more bearish signals would be available after breaking the Support level of 19.50, then the metal would continue its downward move in case of breaking this Support level, thus providing us with another good opportunity to sell till reaching the Support level of 19.20 which is being tested now. Currently and as shown here, the metal has hit the Support level of 19.20 and started to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50, then after breaking this Resistance level, the silver would open the way towards the Resistance level of 19.75, which means more bullish signals.

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

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback