Silver Failed To Settle Above The 50 EMA
Silver has recently tested the resistance at the 50 EMA at $26.30 but did not manage to develop sufficient upside momentum. The 20 EMA is located at $26.40 so silver has to deal with material resistance in the $26.30 - $26.40 area.
In case silver manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level at $26.70. If silver gets above the resistance at $26.70, it will continue its upside move and head towards the resistance at $27.00.
On the support side, the nearest support level for silver is located at $25.85. In case silver gets below this level, it will move towards the support at $25.55. A successful test of the support at $25.55 will open the way to the test of the next support level at $25.20.
In case silver manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level at $26.70. If silver gets above the resistance at $26.70, it will continue its upside move and head towards the resistance at $27.00.
On the support side, the nearest support level for silver is located at $25.85. In case silver gets below this level, it will move towards the support at $25.55. A successful test of the support at $25.55 will open the way to the test of the next support level at $25.20.
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