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

Overview

According to H4 chart, the metal is still trading between the Support level of 21.50 and below the Resistance level of 22.00 after its failure to break the Resistance level yesterday and bounced from it to take a slightly downward move and currently is re-testing the Support level of 21.50 again. Presently, we suggest waiting for closing above the Resistance level of 22.00 in case of bouncing from the Support level of 21.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.30, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.70, which means more bullish signals.

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