Daily analysis of Silver for September 08, 2014

Overview

According to the shown H4 chart, the price’s close below the level of 19.20 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 19.00 as the first target, then the metal should test the Support level of 19.00 to get more bearish move till reaching the support level of 18.75 as the second target. On the other hand, the metal’s rebound from the Support level of 19.00 cancels bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.750), S3 (18.50).

The material has been provided by InstaForex Company – www.instaforex.com

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