Overview
As shown in the today's H4 chart, the metal failed to break the Support area which consists of the Support level of 20.50 and the downward trend line. It is still trading above this Support area. Currently, it is bouncing from the Support level and starting the bullish move. So we still suggest waiting for closing above the Resistance level 21.00 in case of bouncing from the Support level of 20.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.50. Then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.00, this cancels the bullish scenario.
Resistance and support levels: R3 (22.00), R2 (21.50), R1 (21.00), S1 (20.50), S2 (20.00), S3 (19.60).
