FX.co ★ Silver technical levels and trading recommendations for April 30, 2013

Overview:

The H4 chart demonstrates today that silver still can't break the support level of 23.90 and currently is still trading above it and below the resistance level of 25.00, so we should wait. Given the metal manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 23.00 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case silver is able to break the support level of 22.50 and closes 4H below, we will get bearish strength which will provide new sell signals and enable the support level of 22.00 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the support level of 23.90, it will be a strong indicator for the bullish move after closing 4H above the support level enabling the resistance level of 25.00. In this case, we should wait for breaking this resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the support level of 23.90 is unbroken, the upward move is still expected to invalidate the downward movement. Therefore, we should wait for more confirmations before making a decision.

Resistance and support levels:

R3 (26.10) R2 (25.50) R1 (25.00) S1 (23.90) S2 (23.00) S3 (22.50)