Silver continues to trader near the support level at $27.00. Silver has already made several attempts to settle below this level in recent trading sessions but failed to develop sufficient downside momentum.
If silver settles below the support at $27.00, it will head towards the next support level at $26.70. A move below this level will push silver towards the support at the 20 EMA at $26.60.
In case silver declines below the 20 EMA, it will move towards the next support level at $26.30. A successful test of this level will open the way to the test of the support at the 50 EMA at $25.95.
On the upside, silver needs to stay above the support level at $27.00 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $27.50. A move above this level open the way to the test of the next resistance at $27.75.
If silver settles below the support at $27.00, it will head towards the next support level at $26.70. A move below this level will push silver towards the support at the 20 EMA at $26.60.
In case silver declines below the 20 EMA, it will move towards the next support level at $26.30. A successful test of this level will open the way to the test of the support at the 50 EMA at $25.95.
On the upside, silver needs to stay above the support level at $27.00 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $27.50. A move above this level open the way to the test of the next resistance at $27.75.