Overview
From the today's H4 chart, yesterday the metal failed to break the support level of 16.30 to bounced again from it to trade between this support level and the resistance level of 16.50. Currently, the metal is approaching the resistance level of 16.50 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 16.75, then the second target of 17.00 after breaking this resistance level. But as long as silver is trading below 16.50, waiting would be prefered in that case that would cancels the bullish move scenario.
Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.30), S2 (16.00), S3 (15.75).
