Daily analysis of Silver for June 06, 2014
As it was expected, the metal took an upward move in case of closing above the resistance level of 19.00. Friday, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area at 19.00 and it managed to close 4H above it and, currently, it is approaching the Resistance level of 19.20. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 19.50. But if silver closes 4H below 19.20, we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.
Resistance and support levels:
R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).
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