Yesterday the metal failed to break the Support level of 19.50 to bounce again from it and trade between this Support level and the Resistance level of 19.75. Currently, the metal is approaching the Resistance level of 19.75 in order to test it again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, we see a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.00, then the second target is at 20.20 after breaking this Support level. But as long as silver is trading below 19.75, so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (20.20), R2 (20.00), R1 (19.75), S1 (19.50), S2 (19.20), S3 (18.90).
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