A Great Day For Silver
Silver managed to settle above the resistance level at $23.30 and is trying to get above the next resistance at the 20 EMA at $23.75. If this attempt is successful, silver will gain additional upside momentum and head towards the next resistance level at the 50 EMA at $24.10.
The 50 EMA was a major resistance level for silver in the second half of November so silver will likely attract a lot of interest at this level. If silver gets above the 50 EMA, it will move towards the next resistance level near $24.60.
On the support side, the nearest support level for silver is located at the previous resistance at $23.30. A successful test of this level will open the way to the test of the next support at $22.90. If silver declines below this support level, it will head towards the next support at $22.60.
The 50 EMA was a major resistance level for silver in the second half of November so silver will likely attract a lot of interest at this level. If silver gets above the 50 EMA, it will move towards the next resistance level near $24.60.
On the support side, the nearest support level for silver is located at the previous resistance at $23.30. A successful test of this level will open the way to the test of the next support at $22.90. If silver declines below this support level, it will head towards the next support at $22.60.
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