FX.co ★ Silver technical levels and trading recommendations for May 27, 2013

Overview

From the today's H4 chart, this week the metal is still trading between the Support level 22.00 and below the Resistance level 23.00 after its failure to break the Support level last week and bounced from it. So we still suggest waiting for closing above the Resistance level 23.00 in case of bouncing from the Support level 22.00 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 23.90, then after breaking this Resistance level silver would open the way towards the Resistance level 24.40, which means more bullish signals, but as long as the metal trades below the Resistance level 23.00 this cancels the bullish scenario.

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