FX.co ★ Silver technical levels and trading recommendations for May 21, 2013

Overview

As it was expected yesterday, the metal would reverse its bearish move to start its upward direction and open its way towards 23.00 in case of closing 4H below the Resistance level 22.00. Today and as shown from the today's H4 chart the metal already took a bullish move after it has managed to break the Resistance level 22.00 yesterday and closed above it. But immediately it bounced again from thr Resistance level 23.00 and currently is trading below it and above the Support level 22.00. So waiting is prefered now till closing above the next Resistance level in case of the metal tests it again to open the way towards 23.75 as a first target.

Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00)