FX.co ★ Silver technical levels and trading recommendations for July 12, 2013

Overview:

In today's H4 chart, the metal is still trading between the support level 19.55 and below the resistance level 20.15 after its failure to break the resistance level yesterday and bounced from it to take a slightly downward move and currently is retesting the support level 19.55 again. Presently, we suggest waiting for closing above the resistance level 20.15 in case of bouncing from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level 20.50, then after breaking this resistance level, silver would open the way towards the resistance level 21.00, which means more bullish signals.

Resistance and support levels: R3 (21.00) R2 (20.50) R1 (20.15) S1 (19.55) S2 (18.55)