FX.co ★ Silver technical levels and trading recommendations for August 27, 2013

Overview

The H4 chart demonstrates that Silver would take an upward move after its rebound from the Support level 23.90 and currently is testing the Resistance level 24.40 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level 24.80, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting for breaking the Resistance level 24.40 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.

Resistance and support levels: R3 (25.00) R2 (24.80) R1 (24.40) S1 (23.90) S2 (23.35)