Another Attempt To Settle Above Key Resistance At $26.30
Silver gained upside momentum at the start of the week and is trying to settle above the major resistance at $26.30. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
In case silver settles above $26.30, it will get to the test of the next resistance level at $26.65. A move above this level will open the way to the test of the resistance at $27.00. If silver settles above $27.00, it will head towards the next resistance level which is located at $27.50.
On the support side, a move below $26.30 will push silver back into the previous trading range between the support at the 50 EMA at $25.85 and the resistance at $26.30.
If silver declines below the 50 EMA, it will head towards the support at $25.55. A move below this level will open the way to the test of the support at $25.30.
In case silver settles above $26.30, it will get to the test of the next resistance level at $26.65. A move above this level will open the way to the test of the resistance at $27.00. If silver settles above $27.00, it will head towards the next resistance level which is located at $27.50.
On the support side, a move below $26.30 will push silver back into the previous trading range between the support at the 50 EMA at $25.85 and the resistance at $26.30.
If silver declines below the 50 EMA, it will head towards the support at $25.55. A move below this level will open the way to the test of the support at $25.30.