Silver declined below the 50 EMA at $25.20 and is currently testing the support level at $25.00. RSI is in the moderate territory so there is plenty of room to gain additional downside momentum.
If silver declines below the support at $25.00, it will move towards the next support level at $24.70. A successful test of this level will push silver towards the support at $24.50. In case silver settles below the support at $24.50, it will head towards the next support level which is located at $24.25.
On the upside, the 50 EMA at $25.20 will likely serve as the first resistance level for silver. The next resistance is located at $25.30. If silver gets above the resistance at $25.30, it will head towards the next resistance level at $25.55. This level has been tested many times in recent trading sessions so silver will likely need additional upside catalysts to settle above $25.55.
If silver declines below the support at $25.00, it will move towards the next support level at $24.70. A successful test of this level will push silver towards the support at $24.50. In case silver settles below the support at $24.50, it will head towards the next support level which is located at $24.25.
On the upside, the 50 EMA at $25.20 will likely serve as the first resistance level for silver. The next resistance is located at $25.30. If silver gets above the resistance at $25.30, it will head towards the next resistance level at $25.55. This level has been tested many times in recent trading sessions so silver will likely need additional upside catalysts to settle above $25.55.
