Overview
Based on the 4H chart above, silver is still stabilizing between the support level of 17.00 and the resistance level of 17.30 after it rebounded from the resistance level of 17.50 yesterday. If silver keeps its bearish move and manages to break the support level of 17.00, it would provide a strong indicator for the downward move and open the way towards the support level of 17.75. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy signals from this level till reaching the resistance level of 17.50, then 17.75.
Resistance and support levels: R3 (17.75), R2 (17.50), R1 (17.30), S1 (17.00), S2 (16.75), S3 (16.50)
The material has been provided by InstaForex Company - www.instaforex.com
