Silver technical levels and trading recommendations for June 7, 2013
June 10, 2013 6:15 am
Overview:
The 4H chart demonstrates today that silver takes a downward move after breaking the support level 22.00 and currently is approaching the support level 21.00. Given that the pair closes 4H below this support level, it will provide a good opportunity to sell below the support level. After that we should wait for breaking out this support level to continue the bearish move, then we will get bearish strength, which will provide new sell signals and enable the support level of 20.60 as a target level. But as long as the pair is below the support level 21.00, this cancels the bearish move scenario.
Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00) S3(20.60)
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The 4H chart demonstrates today that silver takes a downward move after breaking the support level 22.00 and currently is approaching the support level 21.00. Given that the pair closes 4H below this support level, it will provide a good opportunity to sell below the support level. After that we should wait for breaking out this support level to continue the bearish move, then we will get bearish strength, which will provide new sell signals and enable the support level of 20.60 as a target level. But as long as the pair is below the support level 21.00, this cancels the bearish move scenario.
Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00) S3(20.60)
The material has been provided by InstaForex Company – www.instaforex.com
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