FX.co ★ Silver technical levels and trading recommendations for August 09, 2013

Overview

As it was expected, the metal almost took an upward move in case of closing above the resistance level of 20.00. Friday, and as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area at 20.00-20.20 and it managed to close 4H above it and, currently, it is approaching the Resistance level of 20.60. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 20.60. But if silver closes 4H below 20.60 in this case we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.

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