Silver technical levels and trading recommendations for May 22, 2013
May 22, 2013 2:15 pm
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 22.00 to bounce again from it and trade between the Support level 22.00 and the Resistance level 23.00. Currently the metal is re-testing the Resistance level 23.00 again, therefore we should wait for closing above to continue its 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 23.90, then the second target 24.40 after breaking this Support level. But as long as silver is trading below 23.00 so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 22.00 to bounce again from it and trade between the Support level 22.00 and the Resistance level 23.00. Currently the metal is re-testing the Resistance level 23.00 again, therefore we should wait for closing above to continue its 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 23.90, then the second target 24.40 after breaking this Support level. But as long as silver is trading below 23.00 so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00)
The material has been provided by InstaForex Company – www.instaforex.com
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