For Traders

Analytical Reviews

Technical analysis

23.08.201308:20 Forex Analysis & Reviews: Silver technical levels and trading recommendations for August 23, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview

As it was expected yesterday, Silver would take an upward move after its rebound from the Support level of 22.80. Currently, it is testing the Resistance level of 23.40 trying to break it through to continue its bullish move. More buy-signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 23.90, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting till breaking the Resistance level of 23.40 before decision making. But as the price is trading below the Resistance level it cancels the first scenario.

Resistance and support levels: R2 (23.90), R1 (23.40), S1 (22.80), S2 (22.50), S3 (22.00)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.