Silver Must Get Above $25 To Continue Its Rebound
When the markets open after holidays, silver will need to settle above the $25 level to continue its rebound. The next resistance level for silver is located at $25.20.
In case silver gets above this level, it will move towards the resistance at the 20 EMA at $25.40. A successful test of the 20 EMA will open the way to the test of the resistance at $25.55. In case silver gets above $25.55, it will head towards the resistance at the 50 EMA at $25.85.
On the support side, the nearest support level for silver is located at $24.70. If silver declines below this level, it will move towards the support at $24.50. A successful test of the support at $24.50 will open the way to the test of the next support level at $24.20.
In case silver gets above this level, it will move towards the resistance at the 20 EMA at $25.40. A successful test of the 20 EMA will open the way to the test of the resistance at $25.55. In case silver gets above $25.55, it will head towards the resistance at the 50 EMA at $25.85.
On the support side, the nearest support level for silver is located at $24.70. If silver declines below this level, it will move towards the support at $24.50. A successful test of the support at $24.50 will open the way to the test of the next support level at $24.20.