Yesterday the metal failed to break the Support level of 19.50 to bounce again from it and to trade between this Support level and below the Resistance level of 19.75. Currently, the metal must re-test the Resistance level of 19.75 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.20, then the second target at 20.50, after breaking this Support level. But as long as silver is trading below 19.75, waiting would be preferred in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.75), S1 (19.50), S2 (19.20), S3(18.90).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Yesterday the metal failed to break the Support level of 19.50 to bounce again from it and to trade between this Support level and below the Resistance level of 19.75. Currently, the metal must re-test the Resistance level of 19.75 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.20, then the second target at 20.50, after breaking this Support level. But as long as silver is trading below 19.75, waiting would be preferred in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.75), S1 (19.50), S2 (19.20), S3(18.90).
The material has been provided by InstaForex Company – www.instaforex.com
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