FX.co ★ Silver technical levels and trading recommendations for November 12, 2013

Overview

As it was expected yesterday, more bearish signals would be available in case of breaking the Support level 21.20 to give us another good opportunity to sell till reaching the Support level 20.50. Currently and as shown the metal already hits the Support level 21.20 to trade below it before the closing of the current 4h chandle. Presently we suggest waiting for closing below this level to give us a new opportunity for a new sell signals with first target few pips above the Support level 20.50, then after breaking this Support level silver would open the way towards the Support level 20.00, which means more bullish signals.

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