FX.co ★ Silver technical levels and trading recommendations for May 17, 2013

Overview

From the today's H4 chart, the metal is still trading above the Support level 22.00 and below the Resistance level 23.00 after it bounced from the Support level 22.00 yesterday. The bullish move is still expected in case of closing above that Resistance level with first target few pips below the next Resistance level 23.90. Then we should wait for breaking it through to get new bearish signals above this Resistance level. Therefore, we should wait first for breaking the Resistance level 23.00 to start our bullish move scenario.

Resistance and support levels: R3 (24.50) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.50)