Overview
Based on the H4 chart, silver is still stabilizing below the Resistance level of 16.50 after its rebound from the Support level of 16.00 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 16.00 this would give a strong indicator to continue the downward move and open the way towards the Support level of 15.70, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level of 16.00 and reverses its downward move, it may be a good opportunity for a bullish signals enabling the Resistance level again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance area of 16.75-17.00 .
Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)