Silver is currently testing the nearest support level at $27.50. Yesterday, silver made an attempt to settle below this level but failed to develop sufficient downside momentum. If silver settles below the support at $27.50, it will head towards the next support at the 20 EMA at $27.10.
A move below the 20 EMA will open the way to the test of the support at $26.70, although silver may also get some support near $27.00.
On the upside, silver needs to settle back above $27.50 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $27.75. If silver manages to settle above this level, it will head towards the next resistance at $28.30.
A move below the 20 EMA will open the way to the test of the support at $26.70, although silver may also get some support near $27.00.
On the upside, silver needs to settle back above $27.50 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $27.75. If silver manages to settle above this level, it will head towards the next resistance at $28.30.