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Overview
The H4 chart demonstrates today that silver takes a slightly downward move after its failure to break the Resistance level 34.30 and currently silver is trading below it. Given that silver continues its bullish move and manages to break the Resistance level 34.30, it will provide a good opportunity to buy above the Resistance level till enabling the Resistance level of 35.00 as a level target. After that we should wait for breaking out of this Resistance level to continue the bullish move. In case silver is able to break the Resistance level of 35.00 and closes 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level of 35.30 as a level target.
On the other hand, if silver reverses its bullish move and takes a downward direction after its rebound from the Resistance level of 34.30, it will be a strong indicator for the bearish move after closing 4H below the Resistance level enabling the Support level of 33.65. In this case, we should wait for breaking this Support level to continue the bearish view. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 34.30 is unbroken, the downward move is still expected and invalidating the upward movement. Therefore, we should wait for more confirmations before making a decision.
Resistance and Support levels
R3 (35.30) R2 (35.00) R1 (34.30) S1 (33.65) S2 (33.30) S3 (33.00)
Trading Recommendations
According to the previous analysis, we recommend buying in case of closing 4H above the Resistance level of 34.30 with TP 34.75; SL closing 4H below the Resistance level might be appropriate.
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