Overview
Based on H4 chart, silver is still stabilizing between the Support of 16.00 and the Resistance level of 16.50 after its rebound from the Resistance level of 16.50 yesterday. If silver continues its bearish move and manages to break the Support level of 16.00, it would give a strong indicator for the downward move and open the way towards the Support level of 15.70, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair could not break the Support level of 16.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 16.50 in order to test it again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 16.75 then 17.00.
Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)
