FX.co ★ Silver technical levels and trading recommendations for July 16, 2013

Overview

As shown from the today's H4 chart, the metal failed again to break the Support level 19.65 and is still trading between the Support level and below the Resistance level 20.00. Currently it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level 20.00 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 20.30. Then after breaking this Resistance level silver would open the way towards the Resistance level 20.60, which means more bullish signals, but as long as the metal trades below the Resistance level 20.00 this cancels the bullish scenario.

Resistance and support levels: R2 (20.30) R1 (20.00) S1 (19.65) S2 (19.25) S3 (19.00)