Overview
Yesterday the metal failed to break the support level of 15.50 to bounce again from it and to trade between this rupport level and below the sesistance level of 16.00. Currently, the metal must retest the resistance level of 16.00 again, therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.50, then the second target at 16.75, after breaking this support level. But as long as silver is trading below 16.00, waiting would be preferred in that case and it cancels the bullish move scenario.
Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).
The material has been provided by InstaForex Company - www.instaforex.com
