Overview
As shown in the today's H4 chart, the metal failed again to break the support level of 19.30 and is still trading between the support level and below the resistance level of 19.50. Currently, it is bouncing from the support level and ready for the bullish move. So, we still suggest waiting for closing above the resistance level of 19.50 in case of bouncing from the support level. It will give us a new opportunity for more buy signals with the first target few pips below the resistance level of 19.75. Then after breaking this resistance level, silver might open the way towards the resistance level of 20.00, which means more bullish signals. However, as long as the metal trades below the resistance level of 19.50 this cancels the bullish scenario.
Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.30), S2 (19.00), S3(18.75)
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