Overview
Based on the H4 chart above, silver is still stabilizing between the Support at 20.50 and the Resistance level of 21.00 after its failure to break the Support level of 20.50 last week. If silver continues its bearish trend and manages to break the Support level, it will produce a strong indicator for the downward move and open the way towards the Support level of 20.00. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 21.50 then 22.00.
Resistance and support levels: R3 (22.00), R2 (21.50), R1 (21.00), S1 (20.50), S2 (20.00), S3 (19.60).
