FX.co ★ Silver technical levels and trading recommendations for June 6, 2013

Overview

Based on the shown H4 chart, silver is still stabilizing between the Support 22.00 and the Resistance level 23.00 after its rebound from the Resistance level 23.00 last week. If silver continues its bearish move and manages to break the Support level 22.00, this will give a strong indicator for the downward move and open the way towards the Support level 22.00, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level 22.00 and reverses its downward move, it may be a good opportunity for a bullish signals enabling the Resistance level 23.00 again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level 23.90 then 24.40.

Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.00) S1 (22.00) S2 (21.00) S3(20.60)