Silver technical levels and trading recommendations for December 12, 2013
December 12, 2013 4:30 pm
Overview
As it was expected yesterday, the metal would go downward in case of breaking the Support level of 20.20. Yesterday, the metal already broke it and currently is trading below this level. Presently, the pair is approaching the support level of 19.50 and is testing it continuing the bearish move. If the metal manages to break this Support level and closes 4H below, more bearish moves are expected with more sell signals till reaching the support level of 19.20, therefore we can consider our first traget few pips above this support level. But as long as silver trades above the support level of 19.50, this cancels the bearish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.50), S2 (19.20), S3 (19.00).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected yesterday, the metal would go downward in case of breaking the Support level of 20.20. Yesterday, the metal already broke it and currently is trading below this level. Presently, the pair is approaching the support level of 19.50 and is testing it continuing the bearish move. If the metal manages to break this Support level and closes 4H below, more bearish moves are expected with more sell signals till reaching the support level of 19.20, therefore we can consider our first traget few pips above this support level. But as long as silver trades above the support level of 19.50, this cancels the bearish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.50), S2 (19.20), S3 (19.00).
The material has been provided by InstaForex Company – www.instaforex.com
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