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

Overview

Based on H4 chart, silver is still stabilizing between the Support at 21.50 and the Resistance level of 22.00 after its rebound from the Resistance level of 20.00 yesterday. If silver continues its bearish move and manages to break the Support level of 21.50 which is tested now, this will give a strong indicator for the downward move and open the way towards the Support level of 21.20, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair could not break the Support level of 21.50 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 22.00 to be tested again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 22.30 then 22.70.

Resistance and support levels: R3 (22.70), R2 (22.30), R1 (22.00), S1 (21.50), S2 (21.20)