Overview

From the today's H4 chart, silver is still stabilizing above the Support level of 20.90 and could not break it. Currently, it is bouncing from that level towards the Resistance level of 21.20. So, we still suggest waiting for closing above the Resistance level in case of bouncing from the Support level of 20.90. It will give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.50. Then, after breaking this Resistance level silver would open the way towards the Resistance level of 21.75, which means more bullish signals. However, as long as the metal is trading below the Resistance level of 21.20, this cancels the bullish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).