Overview

Today Silver takes a downward trend after the yesterday's bounce from the strong resistance level 29.90. Presently it is testing the support level 29.30. If the pair bounces from the support level, this will indicate bullish strength providing new buyers signals to continue its bullish movement also a good opportunity to buy until testing the resistance level 29.90 again.

On the other hand, if Silver is able to break the support level 29.30 and close 4H below, then the breakdown of the upward trend line will provide a strong signal for sell-deals opening the way towards the support level 28.85 and 28.30. The breakdown of this support area indicates bearish strength providing new sellers signals. Proceeding from today's H4 chart, technical indicators provide bullish signals, but as long as the the resistance level 29.60 is unbroken, the downward trend remains the same. Furthermore, it treatens to invalidate the bullish outlook. Therefore, we should wait more confirmations before making the decision.

Resistance and Support levels

R3(30.05)

R2(29.90)

R1(29.60)

S1(29.30)

S2(28.85)

S3(28.30)

Trading Recommendations

According to previous analysis, we recommend buying after breaking the resistance level 28.60 , with TP 30.00 ; SL closing 4 hours below the support level 29.30 .