Silver technical levels and trading recommendations for August 05, 2013
August 5, 2013 4:15 pm
Overview
From the today’s H4 chart, the metal is still trading below the Resistance level 20.00 and below the upper boundary of its bearish channel as shown. Currently silver is testing it. So we should wait for closing 4H below the downward trendline to create a new bearish opportunities. In that case the metal might open its way towards the Support level 19.50, then we should wait for breaking this Support level to continue the bearish move, so we can consider our first target few pips above this Support level, after that we should wait till reaching the support level 19.25 as the second target.
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
From the today’s H4 chart, the metal is still trading below the Resistance level 20.00 and below the upper boundary of its bearish channel as shown. Currently silver is testing it. So we should wait for closing 4H below the downward trendline to create a new bearish opportunities. In that case the metal might open its way towards the Support level 19.50, then we should wait for breaking this Support level to continue the bearish move, so we can consider our first target few pips above this Support level, after that we should wait till reaching the support level 19.25 as the second target.
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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