Overview
H4 chart: yesterday the metal failed to break the Support level of 20.90 to bounce again from it and traded between the Support level and the Resistance level of 19.75. Currently, the metal is approaching the Resistance level of 21.20 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 21.50, then the second target at 21.75. But as long as silver is trading below 21.20 so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3(21.75), R2 (21.50), R1 (21.20), S1 (20.50), S2 (20.20), S3 (20.00).
