Silver Tests The $22.00 Level
Silver gained strong downside momentum and is currently trying to settle below $22.00. If this attempt is successful, silver will decline towards the next support level at September lows at $21.65.
RSI has not yet entered the oversold territory so there is some room to gain downside momentum in case the right catalysts emerge. If silver manages to settle below the support at $21.65, it will head towards the next support level at $21.35. It should be noted that there are no strong levels between $20.00 and $21.65 so silver may be very volatile if its continues its downside move.
On the upside, the nearest resistance level for silver is located at $22.40. If silver manages to settle above this level, it will head towards the next resistance at $22.60. A move above $22.60 will open the way to the test of the resistance at $22.90.
RSI has not yet entered the oversold territory so there is some room to gain downside momentum in case the right catalysts emerge. If silver manages to settle below the support at $21.65, it will head towards the next support level at $21.35. It should be noted that there are no strong levels between $20.00 and $21.65 so silver may be very volatile if its continues its downside move.
On the upside, the nearest resistance level for silver is located at $22.40. If silver manages to settle above this level, it will head towards the next resistance at $22.60. A move above $22.60 will open the way to the test of the resistance at $22.90.
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