Proceeding today's H4 chart , Silver takes a strong bearish view and now is currently bouncing from the support level 28.05 to take a slightly bullish movement. If Silver continues this bullish move, it will test the resistance level 28.60. The breakout of this resistance level will be a strong indicator ofthe upward trend. Therefore, we can buy till it reaches the resistance level 29.05, then we should wait for breaking the resistance level when it continues the bullish move.
On the other hand, if Silver reverses its upward movement and breaks the support level 28.05 and break 4H below, it indicates bearish strength providing new sellers signals and giving us a good opportunity to sell with 27.62 as first target then 27.00 after breaking the support level 27.20. From the given H4 chart technical indicators provide bullish signal, but as long as the resistance level 28.60 is unbroken, the downward trend remains and invalidates the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support levels
R3(29.60)
R2(29.05)
R1(28.60)
S1(28.05)
S2(27.45)
S3(27.20)
Trading Recommendations
According to previous analysis, we recommend buying with TP1 28.50 and TP2 29.00 ; SL closing 5 hours below the support level 28.05 level.
