Silver did not manage to settle above the resistance at $28.30 and pulled back below the support at $27.75. Currently, silver is trying to move below the next support level which is located at $27.50.
In case this attempt is successful, silver will head towards the next support level at $27.00. The 20 EMA is in the nearby, so silver will likely get significant support in this area.
A successful test of the support at $27.00 will open the way to the test of the next support level at $26.70.
On the upside, silver needs to get back above $27.75 to have a chance to develop upside momentum in the near term. If silver gets above $27.75, it will head towards the resistance at $28.30. This resistance level has already been tested several times in recent trading sessions and proved its strength. In case silver manages to settle above $28.30, it will head towards the next resistance level at $28.90.
In case this attempt is successful, silver will head towards the next support level at $27.00. The 20 EMA is in the nearby, so silver will likely get significant support in this area.
A successful test of the support at $27.00 will open the way to the test of the next support level at $26.70.
On the upside, silver needs to get back above $27.75 to have a chance to develop upside momentum in the near term. If silver gets above $27.75, it will head towards the resistance at $28.30. This resistance level has already been tested several times in recent trading sessions and proved its strength. In case silver manages to settle above $28.30, it will head towards the next resistance level at $28.90.