empty
 
 
09.01.2015 05:26 PM
Daily analysis of silver for January 09, 2014
This image is no longer relevant

Overview

Based on H4 chart, silver is still stabilizing between support at 16.00 and resistance level of 16.50 after its rebound from the Resistance level of 16.50 yesterday and its failure to break it. If silver continues its bearish move and manages to break the support level of 16.00 which is being tested now, it would give a strong indicator for the downward move and would open the way towards the support level of 15.50. Then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair fails to break the support level of 16.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the resistance level of 16.75 in order to test it again. The breakout of this resistance level will denote a bullish strength providing new buy signals from this level until reaching the resistance level of 17.00.

Resistance and support levels: R3 (17.00), R2 (16.75), R1(16.50), S1 (16.00), S2 (15.50), S3 (15.20)


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