Silver gained strong downside momentum as retail traders rushed out of short squeeze plays. Currently, silver is trying to settle below the nearest support level at $26.70. If this attempt is successful, silver will move towards the next support level at $26.30.
A successful test of the support at $26.30 will open the way to the test of the next support level which is located at the 20 EMA at $26.15.
On the upside, the previous support at $27.00 will likely serve as the first resistance level for silver. A move above this level will push silver towards the next resistance level at $27.50. If silver gets above this level, it will get to the test of the next resistance at $27.75.
It should be noted that silver trading is very active today so traders should note that many levels may be simply ignored if the current panic continues.
A successful test of the support at $26.30 will open the way to the test of the next support level which is located at the 20 EMA at $26.15.
On the upside, the previous support at $27.00 will likely serve as the first resistance level for silver. A move above this level will push silver towards the next resistance level at $27.50. If silver gets above this level, it will get to the test of the next resistance at $27.75.
It should be noted that silver trading is very active today so traders should note that many levels may be simply ignored if the current panic continues.