Silver is currently testing the nearest support level at the 20 EMA at $26.20. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
If silver settles below the 20 EMA, it will head towards the next support level at $25.85. A move below this level will push silver towards the support at the 50 EMA at $25.65. In case silver gets below the 50 EMA, it will move towards the next support at $25.30 although it may also receive support near $25.55.
On the upside, silver needs to stay above the 20 EMA to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $26.70.
If silver gets above this level, it will head towards the resistance at $27.00. A move above $27.00 will open the way to the test of the next resistance at $27.50.
If silver settles below the 20 EMA, it will head towards the next support level at $25.85. A move below this level will push silver towards the support at the 50 EMA at $25.65. In case silver gets below the 50 EMA, it will move towards the next support at $25.30 although it may also receive support near $25.55.
On the upside, silver needs to stay above the 20 EMA to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $26.70.
If silver gets above this level, it will head towards the resistance at $27.00. A move above $27.00 will open the way to the test of the next resistance at $27.50.