FX.co ★ Daily analysis of Silver for January 13, 2014

Overview

According to our last week expections, the price’s close below the Resistance level of 20.20 would give new opportunities for sell signals. As shown in the attached H4 chart, the metal has failed to break the Resistance level of 20.20 and bounced from it, currently metal is trying to break the Support level of 20.00 to continue its bearish move. On the other hand, the metal's rebound from the Support level of 20.00 cancels the bearish scenario. 

Resistance and support levels:В R3 (20.70), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.75), S3(19.50).