Proceeding from today's H4 chart, silver takes an upward move after rebounding from the meeting point between the lower boundaries of the bearish channel Support level 26.10 till reaching the Resistance level 27.05 and presently silver is testing the Support level 26.70. If silver bounces from the Support level 26.70 and closes 4H above the Resistance level 27.05, it will denote a strong indicator for the bullish move to continue its upward movement enabling the Resistance level 27.70 as a level target.
On the other hand, if the pair is able to break the Support level 26.70 and manages to break H4 below it, it will be a good opportunity for the bearish signals enabling the Support level 26.10. Then we should wait for breaking the Support level to continue the bearish move. In case of closing 4H below this Support level, it will denote a bearish strength providing new sell-signals from this level and enabling the Support level 25.50 as a level target. Based on the given H4 chart, technical indicator provides buy-signals, but as long as the Resistance level 27.05 is unbroken and the pair can't close 4H above, the downward is still expected and invalidating the bullish outlook. Therefore we should wait for more confirmations before making a decision.
Resistance and Support Levels
According to previous analysis, we recommend buying in case of closing 4H above the Resistance level 27.05 with TP 27.65; SL closing 4 hours below the Resistance level 27.05 may be appropriate.
Analytical expert: Hossam Soliman Ali
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