FX.co ★ Silver technical levels and trading recommendations for October 10, 2013

Overview

From today's H4 chart, the metal is still trading between the Support level 21.50 and below the Resistance level 22.00 after it failed to break the Resistance level 22.30 yesterday and bounced from it to take a slightly downward move. Currently, it is approaching the Support level 21.50. Presently we suggest waiting for closing above the Resistance level 22.00 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 22.30, then after breaking this Resistance level silver would open the way towards the Resistance level 22.70, which means more bullish signals.

Resistance and support levels: R3 (23.40), R2 (22.70), R1 (22.30), S1 (22.00), S2 (21.50), S3(21.20).