Overview
As it was expected last week, Silver would take an upward move after its rebound from the upward trendline. Currently, it is testing the resistance area around the upward trendline and the resistance level of 22.00, trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this resistance level with the first target few pips below the resistance level of 22.30, then we should wait for closing above this resistance level to get more bullish signals. Therefore, presently we recommend to wait for breaking the resistance level of 22.00 before decision making. But as long as the price is trading below the resistance level this cancels the first scenario.
Resistance and support levels: R3 (22.50), R2 (22.30), R1 (22.00), S1 (21.50), S2 (21.20), S3(20.90).