Silver Remains Stuck Near The Key Resistance At The 50 EMA
The technical picture for silver remains roughly the same for the third trading session in a row, although it should be noted that silver is starting to get support at higher levels.
At this point, silver is still trying to settle above the 50 EMA at $24.15. Most likely, silver will gain material upside momentum once it manages to settle above this level. In this case, it will quickly get to the test of the next resistance near $24.60. A successful test of this level will push silver towards the resistance at $25.00.
On the support side, the 20 EMA continues to serve as the first support level for silver, and it looks like support at the 20 EMA becomes stronger day by day. In case silver settles below the 20 EMA, it will develop downside momentum and head towards the support at $23.30. If silver declines below the support at $23.30, it will move towards the next support at $22.90.
At this point, silver is still trying to settle above the 50 EMA at $24.15. Most likely, silver will gain material upside momentum once it manages to settle above this level. In this case, it will quickly get to the test of the next resistance near $24.60. A successful test of this level will push silver towards the resistance at $25.00.
On the support side, the 20 EMA continues to serve as the first support level for silver, and it looks like support at the 20 EMA becomes stronger day by day. In case silver settles below the 20 EMA, it will develop downside momentum and head towards the support at $23.30. If silver declines below the support at $23.30, it will move towards the next support at $22.90.
