FX.co ★ Silver technical levels and trading recommendations for October 22, 2013

Overview

From today's H4 chart, the metal took an upward move yesterday after its rebound from the upward trend line breaking the Resistance level 22.00. But rapidly silver hits the Resistance area 22.50-22.80 which is tested now. Currently silver is trying to break it through to continue its bullish move. In this case we might get more opportunities for buy signals with first target few pips below the Resistance level 23.00 and then we should wait again till closing above this Resistance level to continue the bearish move. But as long as the metal trades below the mentional Resistance area above this cancels the bullish move scenario.

Resistance and support levels: R3 (23.00) R2 (22.80) R1 (22.50) S1 (22.00) S2 (21.50) S3 (21.20)