FX.co ★ Silver technical levels and trading recommendations for May 13, 2013

Overview

From the today's H4 chart, the metal is still trading below the Resistance level 23.90 and above the upward trendline as shown. Currently silver is testing it. So we should wait for closing 4H below the upward trendline to create a new bearish opportunities. In that case the metal might open its way towards the Support level 23.00, then we should wait for breaking this Support level to continue the bearish move, so we can consider our first target few pips above this Support level, after that we should wait till reaching the support level 22.50 as the second target.

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