Yesterday, silver managed to get above the resistance at $26.30 but failed to develop additional upside momentum. Today, silver made an attempt to get back below $26.30 but received support near this important level.
If silver settles above $26.30, it will have a very good chance to continue its upside move. The next resistance for silver has emerged near $26.70. RSI is in the moderate territory, and there is plenty of room to gain momentum.
If silver gets above the resistance at $26.70, it will head towards the next resistance level at $27.00. A move above $27.00 will push silver towards the resistance at $27.50.
On the support side, the previous resistance at $26.30 may serve as the first support level for silver. A move below this level will be a disappointing development for silver bulls as it will signal that silver failed to continue its upside move and may start to pull back.
The next support level for silver is located at $25.85. In case silver declines below this level, it will head towards the next support at $25.55.
If silver settles above $26.30, it will have a very good chance to continue its upside move. The next resistance for silver has emerged near $26.70. RSI is in the moderate territory, and there is plenty of room to gain momentum.
If silver gets above the resistance at $26.70, it will head towards the next resistance level at $27.00. A move above $27.00 will push silver towards the resistance at $27.50.
On the support side, the previous resistance at $26.30 may serve as the first support level for silver. A move below this level will be a disappointing development for silver bulls as it will signal that silver failed to continue its upside move and may start to pull back.
The next support level for silver is located at $25.85. In case silver declines below this level, it will head towards the next support at $25.55.
