FX.co ★ Silver technical levels and trading recommendations for May 09, 2013

Overview

As it was expected yesterday, the metal almost might take an upward move due to the upward trend line. Today and as shown for the H4 chart, the metal took a slightly upward move after it has bounced from the upward line and it managed to close 4H above the resistance level 23.90 as well. More bullish signals are expected as long as silver is trading above the upward line and 23.90 level with first target few pips below the resistance level 24.40. But if silver closes 4H below 23.90 in this case we should wait for testing the upward line before making the decision and also cancels the bullish move scenario.

Resistance and support levels: R3 (25.00) R2 (24.40) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)