empty
 
 
14.05.2014 01:31 PM
Daily analysis of Silver for May 14, 2014

This image is no longer relevant

Yesterday the metal failed to break the Support level of 19.50 to bounce again from it and trade between this Support level and the Resistance level of 19.75. Currently, the metal is approaching the Resistance level of 19.75 in order to test it again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, we see a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.00, then the second target is at 20.20 after breaking this Support level. But as long as silver is trading below 19.75, so waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (20.20), R2 (20.00), R1 (19.75), S1 (19.50), S2 (19.20), S3 (18.90).

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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