Weak Dollar Pushed Silver To New Highs
Silver settled above the resistance at $28.30 and made an attempt to get to the test of the next resistance level at $28.90. RSI is close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If silver manages to settle above the resistance at $28.90, it will head towards the next resistance level at $29.30. A successful test of this level will push silver towards the resistance at $29.85.
On the support side, a move below $28.30 will open the way to the test of the support at $27.75. In case silver declines below this level, it will head towards the support at $27.50. A move below $27.50 will open the way to the test of the next support level which is located at the 20 EMA at $27.00.
If silver manages to settle above the resistance at $28.90, it will head towards the next resistance level at $29.30. A successful test of this level will push silver towards the resistance at $29.85.
On the support side, a move below $28.30 will open the way to the test of the support at $27.75. In case silver declines below this level, it will head towards the support at $27.50. A move below $27.50 will open the way to the test of the next support level which is located at the 20 EMA at $27.00.
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