FX.co ★ Silver technical levels and trading recommendations for September 11, 2013

Overview

Like it was expected yesterday, the metal will continue its downward move in case of breaking the Support level 23.35 keeping its move below the downward trend line. Today and as shown the metal has already broke it and currently is trading below it. Presently the pair is approaching the support level 22.80. If the metal manages to break this support level and closes 4H below, more bearish move is still expected with more sell signals till reaching the support level 22.50. Therefore, we can consider our first target few pips above this support level. But as long as silver trades above this support level 22.80, this cancels the bearish move scenario.

Resistance and support levels: R3 (24.40) R2 (23.90) R1 (23.35) S1 (22.80) S2 (22.50) S3 (22.00)