Overview

Based on the H4 chart above, silver is still stabilizing between the Support at 19.20 and the Resistance level of 19.50 after its failure to break the Support level and the upward trend line last week. If silver continues its bearish trend and manages to break the Support level, it will produce a strong indicator for the downward move and open the way towards the Support level of 18.90. In this case, we should wait for the breakout at this level to continue the bearish move. On the other hand, the breakout of this Resistance level will reveal a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.00.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3 (18.70).