Overview

From today's 4H chart we see that the metal is still trading between the support level of 15.70 and below the resistance level of 16.00. Silver has failed to break the resistance level yesterday and bounced from it. It took a slightly downward move and currently is approaching the support level of 15.70 again. Presently, we suggest waiting for closing above the resistance level of 16.00 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target of few pips below the resistance level of 16.50. After breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).