Overview
As shown in today's H4 chart, the metal failed to break the support level of 15.50 yesterday and has reversed its downward trend to trade below the resistance level of 16.50. Currently, it is bouncing from the support level and starting a bullish move. So we still suggest waiting for closing above the resistance level of 16.50 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.75. Then after breaking this resistance level, silver would open the way towards the resistance level of 17.00, which means more bullish signals. But as long as the metal trades below the resistance level of 16.50, this cancels the bullish scenario.
Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.00), S2 (15.50), S3(15.00)
