Silver technical levels and trading recommendations for June 12, 2013
June 12, 2013 3:45 pm
Overview
As it was expected yesterday, the metal failed to break the Support level 21.50 and bounced again from it trading between the Support level 21.50 and the Resistance level 22.00. Currently, the metal is approaching to the Resistance level 22.00 again, therefore we should wait for its closing above to continue the upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level 22.50, then the second target at 23.00 after breaking this Support level. But as long as silver is trading below 22.00, waiting would be prefered in that case and could cancel the bullish move scenario.
Resistance and support levels: R3 (23.00), R2 (22.50), R1 (22.00), S1 (21.50), S2 (21.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it was expected yesterday, the metal failed to break the Support level 21.50 and bounced again from it trading between the Support level 21.50 and the Resistance level 22.00. Currently, the metal is approaching to the Resistance level 22.00 again, therefore we should wait for its closing above to continue the upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level 22.50, then the second target at 23.00 after breaking this Support level. But as long as silver is trading below 22.00, waiting would be prefered in that case and could cancel the bullish move scenario.
Resistance and support levels: R3 (23.00), R2 (22.50), R1 (22.00), S1 (21.50), S2 (21.00)
The material has been provided by InstaForex Company – www.instaforex.com
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