Overview
The H4 chart demonstrates today that silver takes an upward move after its rebound from the Support level 32.75 and currently is approaching the Resistance level 33.30. If silver fails to break it and bounces again it may take a bearish move after its rebound from the Resistance level 33.30 also it provides a good opportunity to sell below the Resistance level till enabling the Support level of 32.75 again as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 32.75 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 32.50 as a level target. On the other hand, if silver manages to break the Resistance level 33.30, it will be a strong indicator for the bullish move after closing 4H above the Resistance level enabling the Resistance level of 33.65. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 32.75 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.
Resistance and Support levels
R3 (34.00) R2 (33.65) R1 (33.30) S1 (32.75) S2 (32.50) S3 (32.00)
Trading Recommendations
According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 32.75 with TP 32.45; SL closing 4H below the Resistance level might be appropriate.
