Silver failed to develop additional downside momentum below the support level at the 50 EMA at $25.20 and remains stuck in the range between the 50 EMA and the 20 EMA at $25.75.
In this light, the technical situation has not changed materially compared to the previous trading session. If silver settles below the 50 EMA, it will gain downside momentum and quickly get to the test of the next support level at $25.00. A successful test of this level will open the way to the test of the support at $24.70.
On the upside, silver needs to get above the resistance at $25.55 in order to gain additional upside momentum and get to the test of the next resistance at the 20 EMA at $25.75. If silver manages to settle above the 20 EMA, it will head towards the resistance at $26.30.
In this light, the technical situation has not changed materially compared to the previous trading session. If silver settles below the 50 EMA, it will gain downside momentum and quickly get to the test of the next support level at $25.00. A successful test of this level will open the way to the test of the support at $24.70.
On the upside, silver needs to get above the resistance at $25.55 in order to gain additional upside momentum and get to the test of the next resistance at the 20 EMA at $25.75. If silver manages to settle above the 20 EMA, it will head towards the resistance at $26.30.
