Silver technical levels and trading recommendations for May 16, 2013
May 16, 2013 4:30 pm
Overview
As it was expected yesterday, more bearish signals would be available after breaking the Resistance level 23.00 yesterday, then the metal continued its downward move after breaking the Support level 22.50 as well, which have us another good opportunity to sell till reaching the Support level 22.00. Currently and as shown the metal hits the Support level 22.00 and started to take a bullish move. Presently we suggest waiting for closing above the Resistance level 23.00 to give us a new opportunity for more buy signals with first target few pips below the Resistance level 23.90, then after breaking this Resistance level silver would open the way towards the Resistance level 24.60, which means more bullish signals.
Resistance and support levels: R3 (24.50) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected yesterday, more bearish signals would be available after breaking the Resistance level 23.00 yesterday, then the metal continued its downward move after breaking the Support level 22.50 as well, which have us another good opportunity to sell till reaching the Support level 22.00. Currently and as shown the metal hits the Support level 22.00 and started to take a bullish move. Presently we suggest waiting for closing above the Resistance level 23.00 to give us a new opportunity for more buy signals with first target few pips below the Resistance level 23.90, then after breaking this Resistance level silver would open the way towards the Resistance level 24.60, which means more bullish signals.
Resistance and support levels: R3 (24.50) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.50)
The material has been provided by InstaForex Company – www.instaforex.com
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