Silver Tests Support At The 50 EMA At $25.80
Silver failed to settle above the resistance at $26.30 and pulled back closer to the support level which is located at the 50 EMA at $25.80. The 20 EMA is located at the same level, so silver will likely get material support in the $25.75 - $25.85 area.
A move below this support area will open the way to the test of the next support at $25.55. If silver manages to settle below the support at $25.55, it will head towards the support at $25.30.
On the upside, silver needs to settle above the resistance at $26.30 to have a chance to develop upside momentum in the near term. A move above this level will push silver towards the next resistance level at $26.65. In case silver settles above $26.65, it will head towards the resistance at $27.00.
A move below this support area will open the way to the test of the next support at $25.55. If silver manages to settle below the support at $25.55, it will head towards the support at $25.30.
On the upside, silver needs to settle above the resistance at $26.30 to have a chance to develop upside momentum in the near term. A move above this level will push silver towards the next resistance level at $26.65. In case silver settles above $26.65, it will head towards the resistance at $27.00.
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