Overview

Based on H4 chart, silver is still stabilizing between the Support of 19.20 and the Resistance level of 19.50 after its rebound from the Resistance level of 19.75 last week. If silver continues its bearish move and manages to break the Support level of 19.20 which is tested now, it will give a strong indicator for the downward move and open the way towards the Support level of 18.90, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair could not break the Support level of 19.20 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 19.50 in order to test it again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.20.

Resistance and support levels: R3 (20.20), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3(18.50).