Rising Yields Put Pressure On Silver
Silver declined below the 50 EMA at $26.45 and is moving towards the support level which is located at $25.85. Yesterday, silver found strong support at this level, but it may have a better chance to settle below $25.85 on the second attempt.
A move below this level will push silver towards the next support at $25.55. In case silver declines below the support at $25.55, it will head towards the support level which is located at $25.20.
On the upside, silver needs to get back above the 50 EMA to have a chance to gain upside momentum in the near term. If silver settles above this level, it will get to the test of the next resistance at $26.70. A move above the resistance at $26.70 will push silver towards the resistance which is located near the 20 EMA at $27.00.
A move below this level will push silver towards the next support at $25.55. In case silver declines below the support at $25.55, it will head towards the support level which is located at $25.20.
On the upside, silver needs to get back above the 50 EMA to have a chance to gain upside momentum in the near term. If silver settles above this level, it will get to the test of the next resistance at $26.70. A move above the resistance at $26.70 will push silver towards the resistance which is located near the 20 EMA at $27.00.
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