Overview
As shown in today's H4 chart, the pair failed again to break the Support level of 163.80 and is still trading between the Support level of 164.50 and below the Resistance level of 166.00. Currently, the pair is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 166.00 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 167.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 167.80, which means more bullish signals, but as long as the metal trades below the Resistance level of 166.00, this cancels the bullish scenario.
Resistance and Support levels: R3 (167.75) R2(167.00) R1(166.00), S1 (164.50) S2 (163.80) S3(163.30).
