In the today’s H4 chart, silver has stabilized above the support level of 15.50 and could not break it, and currently it is bouncing towards the resistance level of 16.00 to test it. So, we still suggest waiting for closing above the resistance level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.50, then after breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals, but as long as the metal trades below the resistance level of 16.00, it cancels the bullish scenario.
Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
In the today’s H4 chart, silver has stabilized above the support level of 15.50 and could not break it, and currently it is bouncing towards the resistance level of 16.00 to test it. So, we still suggest waiting for closing above the resistance level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.50, then after breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals, but as long as the metal trades below the resistance level of 16.00, it cancels the bullish scenario.
Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).
The material has been provided by InstaForex Company – www.instaforex.com
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