FX.co ★ Silver technical levels and trading recommendations for September 04, 2013

Overview

Today's H4 chart shows 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, silver bounced from it to take a slightly downward move below the resistance level of 23.90. Presently, we suggest waiting for closing above the resistance level in case of continuing its upward movement to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 25.00, then after breaking of this resistance level, silver would open the way towards the resistance level of 25.40, which will give us more bullish signals.

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