The 50 EMA Is A True Wall On The Way Up For Silver
Silver did not manage to settle above the resistance at the 50 EMA at $24.10 and made an attempt to settle below the nearest support at the 20 EMA at $23.90. This attempt was not successful, and silver remained stuck in a tight range.
Silver will likely develop strong momentum if it manages to settle above the 50 EMA. In this case, silver may quickly get to the test of the next resistance level 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 remains a very important level for silver. While silver managed to get below the 20 EMA several times in recent trading sessions, it quickly rebounded after each attempt to settle below this level.
In case silver manages to settle below the 20 EMA, it will head towards the next support at $23.30. A move below this level will push silver towards the support at $22.90.
Silver will likely develop strong momentum if it manages to settle above the 50 EMA. In this case, silver may quickly get to the test of the next resistance level 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 remains a very important level for silver. While silver managed to get below the 20 EMA several times in recent trading sessions, it quickly rebounded after each attempt to settle below this level.
In case silver manages to settle below the 20 EMA, it will head towards the next support at $23.30. A move below this level will push silver towards the support at $22.90.