Overview

Today Silver is limiting between the resistance level 28.60 and the support level 28.05 and is currently testing the support level to continue its slightly upward move, if Silver is able to break the support area 28.60 - 29.05, this will open the way towards 29.50 level so it will be a good opportunity to buy.
On the other hand, if Silver still trades below the resistance level 28.60 and fails to break it, this will indicate the bearish strength thus providing new sell signals with tp1 28.15; then we should wait for a breakout of the support level 28.05, if Silver continues its bearish movement and closes 4H below the support level, sell is still with tp2 27.68. Although technical indicators provide bullish signals but as long as the resistance level 28.60 and then 29.05 are unbroken, the downward will remain the same and invalidate the bullish outlook.

Resistane and Support Levels

R3(29.60)

R2(29.05)

R1(28.60)

S1(28.05)

S2(27.45)

S3(26.65)

Trading Recommendations

According to previous analysis we recommend buying in case of breaking the support levels 28.60 then 29.05, so we should wait for more confirmations before making the bullish decision.