Silver Remains Under Pressure After Yesterday's Sell-Off
Silver is currently testing the support at $27.00. If this test is successful, silver will move towards the next support level which is located near the 20 EMA at $26.65.
A move below this level will push silver towards the support at $26.30. The 50 EMA is in the nearby, at $26.20, so silver will likely get material support in the $26.20 - $26.30 area. If silver declines below the 50 EMA, it will likely gain additional downside momentum and head towards the next support level at $25.85.
On the upside, silver needs to settle back above $27.00 to have a chance to develop upside momentum in the near term. The next resistance level is located at $27.50.
If silver gets above this level, it will move towards the resistance at $27.75. A move above $27.75 will open the way to the test of the resistance at $28.30.
A move below this level will push silver towards the support at $26.30. The 50 EMA is in the nearby, at $26.20, so silver will likely get material support in the $26.20 - $26.30 area. If silver declines below the 50 EMA, it will likely gain additional downside momentum and head towards the next support level at $25.85.
On the upside, silver needs to settle back above $27.00 to have a chance to develop upside momentum in the near term. The next resistance level is located at $27.50.
If silver gets above this level, it will move towards the resistance at $27.75. A move above $27.75 will open the way to the test of the resistance at $28.30.