logo

FX.co ★ Silver technical levels and trading recommendations for August 08, 2013

Silver technical levels and trading recommendations for August 08, 2013

Silver technical levels and trading recommendations for August 08, 2013

Overview

As it was expected yesterday, the metal would reverse its bearish move to start its upward direction and open its way towards 20.00 in case of closing 4H above the Resistance area of the upper limit of its bearish channel and the Resistance level 19.50. Today and as shown from the today's H4 chart the metal already took a bullish move after it has managed to break the Resistance level 19.50 yesterday and closed above it. But immediately it bounced again from the Resistance level 20.20 and currently is trading below it. So waiting is prefered now till closing above the next Resistance level in case of the metal tests it again to open the way towards 20.60 as a first target.

Resistance and support levels: R3 (20.60), R2 (20.20), R1 (20.00), S1 (19.50), S2 (19.25), S3 (19.00).



*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account