Overview

Today silver is trading between the support level 27.70 and the resistance level 28.05 after it has bounced from the upward line yesterday in order to begin upward movement and face the resiatance level 28.05. In case this resistance level level is broken through and the pair closes above 4H, this will it indicate the bullish strength providing new buyers signals enabling to reach the resistance level 28.60. Then we should wait the continuation of the bullish movement .

On the other hand, if Silver fails to break the resistance area and bounces from it it will be a good opportunity to sell and touch the upward line again, then we should wait breaking the upward line to continue the bearish move. If silver is able to break it, it will be a strong indicator for reaching the support level 27.20. Technical indicators provide buyers signals but as long as the resistance area is unbroken, the downward movement is still expected also invalidating the bullish outlook .

Resistance and Support levels 

R3(29.05)

R2(28.60)

R1(28.05)

S1(27.70)

S2(27.20)

S3(26.65)

Trading Recommendations 

According to previous analysis , we recommend buying in case of breaking the resistance level with TP1 28.45 and TP2 29.00 ; SL 27.70 .