Silver Starts The Week On A Strong Note
Silver is currently testing the resistance level at the 20 EMA at $25.60. If this test is successful, silver will move towards the next resistance level at $25.85. This resistance has been tested several times in recent trading sessions and proved its strength.
If silver manages to settle above the resistance at $25.85, it will gain additional upside momentum and head towards the resistance at $26.30.
On the support side, the nearest support level for silver is located at the 50 EMA at $25.25. A move below this level will open the way to the test of the next support level at $25.00. In case silver declines below $25.00, it will gain additional downside momentum and move towards the support level at $24.70.
If silver manages to settle above the resistance at $25.85, it will gain additional upside momentum and head towards the resistance at $26.30.
On the support side, the nearest support level for silver is located at the 50 EMA at $25.25. A move below this level will open the way to the test of the next support level at $25.00. In case silver declines below $25.00, it will gain additional downside momentum and move towards the support level at $24.70.