FX.co ★ Silver technical levels and trading recommendations for November 27, 2013

Overview

As shown in today's H4 chart, the metal failed again to break the Support level 19.70 and is still trading above the Support level and inside its bearish channel. Currently, silver is bouncing from the Support level and preparing for the bullish move. So, we still suggest waiting for closing above the Resistance level 20.20 in case of bouncing from the Support level 19.70 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level 20.50, then after breaking this Resistance level silver would open the way towards the Resistance level 21.00, which means more bullish signals, but as long as the metal trades below the Resistance level 20.20 this cancels the bullish scenario.

Resistance and support levels: R3 (21.00), R2 (20.50), R1 (20.20), S1 (19.70), S2 (19.40), S3(19.00)