Overview
As shown in today's H4 chart, the metal failed to break the Support level of 19.70 again, and still it has been trading between the Support level and the Resistance level of 20.20.. Currently, it is bouncing from the Support level and starting the bullish move. So, we still suggest waiting for closing above the Resistance level of 20.20 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.50. After breaking this Resistance level, silver would open the way towards the Resistance level of 21.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.20, the bullish scenario is canceled.
Resistance and support levels: R3 (21.00), R2 (20.50), R1 (20.20), S1 (19.70), S2 (19.40).
