FX.co ★ Silver technical levels and trading recommendations for August 29, 2013

Overview

From today's H4 chart we see that the metal is still trading between the Support level of 23.90 and below the Resistance level of 24.40. After its failure to break the Resistance level yesterday and the bounce from it it took a slightly downward move and currently it is re-testing the Support level of 23.90 again. Presently, we suggest waiting for closing above the Resistance level of 24.40 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 of 25.00. After breaking this Resistance level silver would open the way towards the Resistance level of 25.40, which means more bullish signals.

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