FX.co ★ Silver technical levels and trading recommendations for May 20, 2013

Overview

The H4 chart demonstrates today that silver is approaching the Resistance level 22.60 after it has failed to break the Support area 21.00-20.60 and bounced from it to reverse its bearish move. Currently the metal is approaching the Resistance level to test it, so it is prefered to wait for breaking it and closing above. In that case we would get a new opportunity for the bullish signals so we can consider our first target few pips below the Resistance level 23.00. If the metal continued its upward move and managed to break this Resistance level as well, this gives more buy signals till the Resistance level 23.90.

Resistance and support levels: R3 (23.90) R2 (23.00) R1 (22.60) S1 (21.00) S2 (20.60)