Silver Pulls Back Despite Weaker Dollar
Silver managed to get below the support at $27.50 and continues to move lower. The next support level is located at $27.00. If silver settles below this level, it will head towards the support at $26.65.
A move below the support at $26.65 will open the way to the test of the next support at the 20 EMA at $26.45. If silver declines below the 20 EMA, it will move towards the support at $26.30.
On the upside, the previous support level at $27.50 will serve as the first resistance level for silver. In case silver manages to get above this level, it will head towards the resistance which is located near recent highs at $27.75.
A successful test of the resistance at $27.75 will push silver towards the next resistance level at $28.30. In case silver gets above $28.30, it will move towards the resistance at $28.90.
A move below the support at $26.65 will open the way to the test of the next support at the 20 EMA at $26.45. If silver declines below the 20 EMA, it will move towards the support at $26.30.
On the upside, the previous support level at $27.50 will serve as the first resistance level for silver. In case silver manages to get above this level, it will head towards the resistance which is located near recent highs at $27.75.
A successful test of the resistance at $27.75 will push silver towards the next resistance level at $28.30. In case silver gets above $28.30, it will move towards the resistance at $28.90.
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