Silver is currently testing the nearest resistance at the 50 EMA at $24.15. The resistance at the 50 EMA has already proven its strength in recent weeks, and even the weak dollar has so far failed to push silver above the 50 EMA.
RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum. If silver settles above the 50 EMA, it will head towards the next resistance level near $24.60.
A move above $24.60 will push silver towards the next resistance at $25.00. This resistance level is set to be a strong obstacle on the way up for silver since recent attempts to gain upside momentum above this level were followed by strong sell-offs.
On the support side, the situation has not changed compared to the previous trading session. The nearest support level is located at the 20 EMA at $23.85, and a move below this level will push silver towards the support at $23.30. A successful test of the support level at $23.30 will open the way to the next support at $22.90.
RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum. If silver settles above the 50 EMA, it will head towards the next resistance level near $24.60.
A move above $24.60 will push silver towards the next resistance at $25.00. This resistance level is set to be a strong obstacle on the way up for silver since recent attempts to gain upside momentum above this level were followed by strong sell-offs.
On the support side, the situation has not changed compared to the previous trading session. The nearest support level is located at the 20 EMA at $23.85, and a move below this level will push silver towards the support at $23.30. A successful test of the support level at $23.30 will open the way to the next support at $22.90.
