FX.co ★ Silver technical levels and trading recommendations for August 16, 2013

Overview

From the today's H4 chart, the metal is trading between the Support level 22.80 and below the Resistance level 23.10 after its failure to break the Resistance level yesterday and bounced from it to take a slightly downward move and currently is re-testing the Support level 22.80. Presently, we suggest waiting for closing above the Resistance level 23.10 in case of bouncing from the Support level 22.80 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 23.40, then after breaking this Resistance level silver would open the way towards the Resistance level 23.90, which means more bullish signals.

Resistance and support levels: R3 (23.90) R2 (23.40) R1 (23.10) S1 (22.80) S2 (22.50)