FX.co ★ Silver technical levels and trading recommendations for October 02, 2013

Overview

In H4 chart, the metal failed to break the Support level of 20.90 and bounced from it, trading between the Support level of 21.50 and the Resistance level of 22.00. Currently, the metal is approaching the Resistance level of 22.00 again, therefore, we should wait for its closing above to continue the upward trend. If the metal manages to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 22.30, then the second target is at 22.70 after breaking this Support level. But as long as Silver is trading below 22.00, waiting would be prefered in that case and could cancel the bullish move scenario.

Resistance and support levels: R3 (22.70), R2 (22.30), R1 (22.00), S1 (21.50), S2 (21.20)