27.09.201317:19 Forex Analysis & Reviews: Silver technical levels and trading recommendations for September 27, 2013

Long-term review

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Overview

The H4 chart demonstrates today that silver has failed to break the Support level 21.30 this week after testing it more than once .Currently the metal is trading between it and the Resistance level 22.15. Given that silver tried again next week and managed to close 4H below the Support level 21.70 and takes a downward move till reaching the Support level 21.30 to repeat the current week scenario, it provides a good opportunity to sell below the Support level after closing 4H below it. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 21.30 and closes 4H below, we will get a bearish strength, which will provide new sell signals and enable the Support level of 21.00 as a target level.

Resistance and support levels: R3 (22.80), R2 (22.50), R1 (22.15), S1 (21.70), S2 (21.30), S3 (21.00).

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