FX.co ★ Silver technical levels and trading recommendations for July 08, 2013

Overview

Based on the H4 chart above, silver is still stabilizing between the Support 22.00 and the Resistance level of 18.55 after its rebound from the Resistance level 19.55 last week. If silver continues its bearish move and manages to break the Support level 18.55, it will produce a strong indicator for the downward move and open the way towards the Support level 18.30. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 20.15 then 20.50.
Resistance and support levels: R3 (20.50) R2 (20.15) R1 (19.55) S1 (18.55) S2 (18.30)