Overview:
As it was expected last week, Silver would take an upward move after its rebound from the lower boundary of the bullish channel and breaking the Resistance level of 20.00 and currently is approaching the Resistance level of 20.20 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 20.50, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting for breaking the Resistance level of 20.20 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.
Resistance and support levels: R3 (20.75), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.75), S3(19.50).
