Silver Retreats As Higher Yields Put Pressure On Precious Metals
Silver gained strong downside momentum and is testing the support at $24.20. If this test is successful, silver will move towards the next support at $24.00. RSI is close to the oversold territory, but there is still plenty of room to gain additional downside momentum.
A move below the support at $24.00 will push silver towards the next support level which is located at $23.70. In case silver declines below this level, it will head towards the next support at $23.50.
On the upside, silver needs to settle back above $24.20 to develop upside momentum in the near term. The next resistance level for silver is located at $24.50.
If silver gets above this level, it will head towards the resistance at $24.70. A move above this level will open the way to the test of the resistance at $25.00.
A move below the support at $24.00 will push silver towards the next support level which is located at $23.70. In case silver declines below this level, it will head towards the next support at $23.50.
On the upside, silver needs to settle back above $24.20 to develop upside momentum in the near term. The next resistance level for silver is located at $24.50.
If silver gets above this level, it will head towards the resistance at $24.70. A move above this level will open the way to the test of the resistance at $25.00.