FX.co ★ Silver technical levels and trading recommendations for September 03, 2013

Overview

As shown from the today's H4 chart, the metal failed again to break the Support level 23.90 and is still trading between the Support level and below the Resistance level 24.40. Currently it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level 24.40 in case of bouncing from the Support level 23.90 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 25.00. Then after breaking this Resistance level silver would open the way towards the Resistance level 25.40, which means more bullish signals, but as long as the metal trades below the Resistance level 24.40 this cancels the bullish scenario.

Resistance and support levels: R3 (25.00), R2 (24.80), R1 (24.40), S1 (23.90), S2 (23.35)