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

Overview

According to our last week expectations, the price’s close below the Resistance level of 22.00 will give new opportunities for sell signals. In the beginning of this week the metal has already managed to close below the Support level 21.50 and currently it is testing the Support level of 21.20 to open the way towards 20.50 as the first target, then the metal should test this Support level to get more bearish move till reaching 20.00 as the second target. On the other hand, the metal's rebound from the Support level of 21.20 cancels the bearish scenario.

Resistance and support levels: R3 (22.40), R2 (22.00), R1 (21.50), S1 (21.20), S2 (20.50), S3(20.00).