Overview

The H4 chart demonstrates today that silver has failed to break the Resistance level 32.65 and currently is stabilizing above the Support level 32.40. If silver continues its bearish view after its rebound from the Resistance level and manages to break this Support level, it will provide a good opportunity to sell below the Support level 32.40 till enabling the Support level of 32.00 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 32.00 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 31.50 as a level target. On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level of 32.40, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 32.65. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 32.40 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

Resistance and Support levels 
R3 (33.30) R2 (33.00) R1 (32.65) S1 (32.40) S2 (32.00) S3 (31.50) 

Trading Recommendations

According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 32.40 with TP 32.00; SL closing 4H below the Resistance level might be appropriate