Silver Retreats As Treasury Yields Move To New Highs
Silver gained downside momentum and managed to settle below the support at $25.85. Currently, silver is trying to settle below the next support level at $25.55. If this attempt is successful, silver will move towards the support at $25.20.
A successful test of the support at $25.20 will open the way to the test of the next support level which is located near the lows of the previous pullback at $25.00.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. If silver gets back above this level, it will head towards the resistance at the 50 EMA at $26.25. The 20 EMA in in the nearby, so this level will likely be a strong obstacle on the way up for silver.
In case silver gets above the 50 EMA, it will move towards the next resistance at $26.70. A move above this level will push silver towards the resistance at $27.00.
A successful test of the support at $25.20 will open the way to the test of the next support level which is located near the lows of the previous pullback at $25.00.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. If silver gets back above this level, it will head towards the resistance at the 50 EMA at $26.25. The 20 EMA in in the nearby, so this level will likely be a strong obstacle on the way up for silver.
In case silver gets above the 50 EMA, it will move towards the next resistance at $26.70. A move above this level will push silver towards the resistance at $27.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.