Silver Tries To Settle Above The 50 EMA
Silver gained upside momentum and is trying to settle above the major resistance level at the 50 EMA at $24.15. RSI is in the moderate territory so there is plenty of room to gain upside momentum.
The next resistance level for silver is located at $24.60. In case silver settles above $24.60, it will head towards the resistance at $25.00.
A successful test of the resistance at $25.00 will push silver towards the next resistance at $25.30. If silver gets above $25.30, it will move towards the resistance at October highs at $25.55.
On the support side, the previous resistance at the 50 EMA will likely serve as the first support level for silver. If silver declines below the 50 EMA, it will move towards the major support area between $23.50 and $24.00. Silver will need to settle below the support at $23.50 in order to develop downside momentum.
The next resistance level for silver is located at $24.60. In case silver settles above $24.60, it will head towards the resistance at $25.00.
A successful test of the resistance at $25.00 will push silver towards the next resistance at $25.30. If silver gets above $25.30, it will move towards the resistance at October highs at $25.55.
On the support side, the previous resistance at the 50 EMA will likely serve as the first support level for silver. If silver declines below the 50 EMA, it will move towards the major support area between $23.50 and $24.00. Silver will need to settle below the support at $23.50 in order to develop downside momentum.
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