FX.co ★ Silver technical levels and trading recommendations for August 01, 2013

Overview

From today's H4 chart, the metal took an upward move yesterday after its rebound from the lower limit of its bearish channel as shown. But rapidly silver hits the Resistance area consisting of the uppper limit of the bearish channel, then the Resistance level 20.00 after it. Currently silver is testing it and trying to break it through to continue its bullish move. In this case we might get more opportunities for buy signals with first target few pips below the Resistance level 20.20 and then we should wait again till closing above this Resistance level to continue the bearish move. But as long as the metal trades below 20.00 this cancels the bullish move scenario.

Resistance and support levels: R3 (20.60) R2 (20.20) R1 (20.00) S1 (19.50) S2 (19.25) S3 (19.00)