FX.co ★ Silver technical levels and trading recommendations for November 04, 2013

Overview

Based on the H4 chart above, silver is still stabilizing between the Support 21.50 and the Resistance level of 22.00 after its failure to break the Resistance level 22.00 last week. If silver continues its bearish move and manages to break the Support level 21.50 which is tested now, it will produce a strong indicator for the downward move and open the way towards the Support level 21.20 as a kickoff. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy signals from this level till reaching the Resistance level of 22.40 then 23.00.

Resistance and support levels: R3 (23.50) R2 (23.00) R1 (22.40) S1 (22.00) S2 (21.50) S3(21.20)