Silver Faced Strong Resistance Near The 20 EMA
Silver pulled back from recent highs but continued its attempts to settle above the resistance level at $25.55. RSI is in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If silver settles above $25.55, it will have a chance to get to the test of the resistance at the 20 EMA at $25.75. A move above the 20 EMA will push silver towards the next material resistance level which is located at $26.30.
On the support side, the nearest support area for silver is located between the 50 EMA at $25.20 and the support level at $25.30. Silver has already made an attempt to settle below this support area during the current trading session but failed to gain sufficient downside momentum.
If silver declines below the 50 EMA, it will quickly get to the test of the next support level at $25.00. A move below this level will open the way to the test of the support at $24.70.
If silver settles above $25.55, it will have a chance to get to the test of the resistance at the 20 EMA at $25.75. A move above the 20 EMA will push silver towards the next material resistance level which is located at $26.30.
On the support side, the nearest support area for silver is located between the 50 EMA at $25.20 and the support level at $25.30. Silver has already made an attempt to settle below this support area during the current trading session but failed to gain sufficient downside momentum.
If silver declines below the 50 EMA, it will quickly get to the test of the next support level at $25.00. A move below this level will open the way to the test of the support at $24.70.
