Silver technical levels and trading recommendations for August 02, 2013
August 2, 2013 4:15 pm
Overview
As shown from the today’s H4 chart, the metal failed to break the Support area which consists of the Support level 19.25 and the lower limit of its bearish channel. It is still trading above this Support area. Currently it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level 20.00 in case of bouncing from the Support level 19.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 20.20. Then after breaking this Resistance level silver would open the way towards the Resistance level 20.60, which means more bullish signals, but as long as the metal trades below the Resistance level 20.00 this cancels the bullish scenario.
Resistance and support levels: R3 (20.60) R2 (20.20) R1 (20.00) S1 (19.50) S2 (19.25) S3 (19.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown from the today’s H4 chart, the metal failed to break the Support area which consists of the Support level 19.25 and the lower limit of its bearish channel. It is still trading above this Support area. Currently it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level 20.00 in case of bouncing from the Support level 19.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 20.20. Then after breaking this Resistance level silver would open the way towards the Resistance level 20.60, which means more bullish signals, but as long as the metal trades below the Resistance level 20.00 this cancels the bullish scenario.
Resistance and support levels: R3 (20.60) R2 (20.20) R1 (20.00) S1 (19.50) S2 (19.25) S3 (19.00)
The material has been provided by InstaForex Company – www.instaforex.com
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