Silver technical levels and trading recommendations for December 04, 2013
December 5, 2013 6:45 am
Overview
As it was expected last week, Silver reversed its upward trend after its rebound from the Support level of 19.00. Currently, it is approaching the Resistance level of 19.50 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 19.75, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend to wait till breaking the Resistance level of 19.50 before decision making. But as long as the price is trading below the Resistance level this cancels are the first scenario.
Resistance and support levels: R3 (20.00) R2 (19.75) R1 (19.50) S1 (19.00) S2 (18.70)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected last week, Silver reversed its upward trend after its rebound from the Support level of 19.00. Currently, it is approaching the Resistance level of 19.50 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 19.75, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend to wait till breaking the Resistance level of 19.50 before decision making. But as long as the price is trading below the Resistance level this cancels are the first scenario.
Resistance and support levels: R3 (20.00) R2 (19.75) R1 (19.50) S1 (19.00) S2 (18.70)
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: