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Silver technical levels and trading recommendations for June 10, 2013

Posted at June 10, 2013 Categories : Forex Analysis |

Overview

Based on the today’s H4 chart, last week the metal took a bearish move and managed to break the Support level 22.00 and closed below it. But rapidly it hit the Support level 21.50 and bounced from it to reverse its bearish move. Currently the metal is approaching the Resistance level 22.00 to test it again. In case the metal closes the current 4H candle above the resistance level 22.00 and according to that, it will open the way towards the resistance level 22.50. Thus, we will get a good opportunity again after closing 4H above this resistance level with 22.45 as the first target. On the contrary, if the metal fails to break this resistance level and keeps its stabilization below it, it will cancel the bullish move scenario.

Resistance and support levels: R3 (23.00) R2 (22.50) R1 (22.00) S1 (21.50) S2 (21.00) S3(20.75)

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