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FX.co ★ Silver technical levels and trading recommendations for September 12, 2013

Silver technical levels and trading recommendations for September 12, 2013

Silver technical levels and trading recommendations for September 12, 2013

Overview

The 4H chart demonstrates today that silver takes a downward move after breaking the support level of 22.80 and currently is approaching the support level of 22.50. Given that the pair closes 4H below this support level, it will provide a good opportunity to sell below the support level. After that we should wait for breaking out this support level to continue the bearish move, then we will get bearish strength, which will provide new sell signals and enable the support level of 22.00 as a target level. But as long as the pair is trading above the support level 22.50, this cancels the bearish scenario.

Resistance and support levels: R3 (24.40), R2 (23.90), R1 (23.35), S1 (22.80), S2 (22.50), S3 (22.00).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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