FX.co ★ Silver technical levels and trading recommendations for July 4, 2013

Overview:

From today's H4 chart, the metal is still trading between the support level 19.55 and below the resistance level 18.55 after its failure to break the resistance level yesterday and bounced from it to take a slightly downward move and currently is approaching the support level 18.55 again. Presently, we suggest waiting for closing above the resistance level 23.00 again to give us a new opportunity for more buy signals with the first target few pips below the resistance level 20.15, then after breaking this resistance level silver would open the way towards the resistance level 20.50, which means more bullish signals.

Resistance and support levels: R3 (20.50) R2 (20.15) R1 (19.55) S1 (18.55) S2 (18.30)