Silver gained strong downside momentum and is currently trying to settle below the support at $24.70. RSI remains in the moderate territory despite the strength of the recent sell-off so silver has a chance to gain additional downside momentum in case the right catalysts emerge.
If silver settles below $24.70, it will head towards the support at $24.50. A successful test of this level will open the way to the test of the next support level at the recent lows at $24.35. If silver declines below this level, it will head towards the next support at $23.90.
On the upside, silver needs to stay above $24.70 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.00.
If silver manages to settle above $25.00, it will move towards the resistance at $25.30, although it may also face some resistance at $25.15. A move above this level will push silver towards the next resistance level at $25.55.
If silver settles below $24.70, it will head towards the support at $24.50. A successful test of this level will open the way to the test of the next support level at the recent lows at $24.35. If silver declines below this level, it will head towards the next support at $23.90.
On the upside, silver needs to stay above $24.70 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.00.
If silver manages to settle above $25.00, it will move towards the resistance at $25.30, although it may also face some resistance at $25.15. A move above this level will push silver towards the next resistance level at $25.55.
