Spot Silver May Witness Bearish Move Towards $22.50 Level

Published 05/14/2013, 07:40 AM
Updated 05/14/2017, 06:45 AM
SI
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As indicated on the H4 chart, the metal is still trading below the Resistance level 23.90 and above the upward trend-line. Silver is currently testing it, so we should wait for closing 4H below the upward trend-line to create new bearish opportunities. In that case, the metal might open its way towards the Support level 23.00. We should wait for breaking this Support level to continue the bearish move, so we can consider our first target few pips above this Support level. After that we should wait till reaching the support level 22.50 as the second target.

Silver H4
Resistance: R3 (25.00) R2 (24.40) R1 (23.90)
Support: S1 (23.00) S2 (22.50) S3 (22.00)

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