As shown in the today’s H4 chart, the metal failed again to break the Support level of 20.00 and is still trading above the Support level and inside its bearish channel. Currently silver is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level of 20.20 in case of bouncing from the Support level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.50, then after breaking this Resistance level, silver would open the way towards the Resistance level of 20.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.20, it cancels the bullish scenario.
Resistance and support levels: R3 (20.75) R2 (20.50) R1 (20.20) S1 (20.00) S2 (19.75) S3 (19.50)
The material has been provided by InstaForex Company – www.instaforex.com
As shown in the today’s H4 chart, the metal failed again to break the Support level of 20.00 and is still trading above the Support level and inside its bearish channel. Currently silver is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above the Resistance level of 20.20 in case of bouncing from the Support level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.50, then after breaking this Resistance level, silver would open the way towards the Resistance level of 20.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.20, it cancels the bullish scenario.
Resistance and support levels: R3 (20.75) R2 (20.50) R1 (20.20) S1 (20.00) S2 (19.75) S3 (19.50)
The material has been provided by InstaForex Company – www.instaforex.com
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