Overview

As shown in today's 4H chart, the metal failed last week to break the Support area which consists of the Support level of 20.55 with the upward trend line and is still trading between the Support level of 20.90 and below the Resistance level of 21.25. Currently, it is bouncing from the Support level and preparing for the bullish move holding above the upward trend line. So we still suggest waiting for closing above the Resistance level of 21.25 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.75. Then, after breaking this Resistance level, silver would open the way towards the Resistance level of 22.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.25, the bullish scenario is invalid.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (21.00), S3(20.50).