FX.co ★ Silver technical levels and trading recommendations for August 21, 2013

Overview

As shown from the today's H4 chart, the metal is stabilizing between the Support level 22.80 and the Resistance level 23.40 after its failure to break the Support level again yesterday. Currently we must wait for re-testing the Support level 22.80 again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level 22.50. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level 22.80 this cancels the bearish move scenario.

Resistance and support levels: R3 (23.90), R2 (23.40), S1 (22.80), S2 (22.50), S3 (22.00)