Silver Stays Range-Bound
The technical picture for silver has not changed much in recent trading sessions. Silver remains stuck between the support at $25.85 and the resistance at the 50 EMA at $26.25. Silver has already tested both levels during the current trading session but failed to gain any momentum.
If silver declines below the support at $25.85, it will head towards the next support level at $25.55. In case silver moves below this level, it will head towards the next support at $25.20.
On the upside, a move above the 50 EMA will push silver towards the next resistance at $26.70. In case silver settles above this level, it will head towards the resistance at $27.00.
Most likely, silver will be able to develop significant momentum once it manages to settle outside of the current trading range so traders should be prepared for fast moves.
If silver declines below the support at $25.85, it will head towards the next support level at $25.55. In case silver moves below this level, it will head towards the next support at $25.20.
On the upside, a move above the 50 EMA will push silver towards the next resistance at $26.70. In case silver settles above this level, it will head towards the resistance at $27.00.
Most likely, silver will be able to develop significant momentum once it manages to settle outside of the current trading range so traders should be prepared for fast moves.
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