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Overview
The H4 chart demonstrates today that silver is trying to break the Resistance level 33.30 and currently is trading around it. If silver takes a bearish move after its rebound from the Resistance level and manages to break the Support level 33.00, it will provide a good opportunity to sell below the Support level till enabling the Support level of 32.65 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 32.65 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 32.00 as a level target.
On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level of 33.00, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 33.30. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 33.00 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.
Resistance and Support levels
R3 (34.00) R2 (33.65) R1 (33.30) S1 (33.00) S2 (32.65) S3 (32.00)
Trading Recommendations
According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 33.00 with TP 32.55; SL closing 4H below the Resistance level might be appropriate.
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