Silver Pulls Back After Yesterday's Rally
Silver lost upside momentum after yesterday's rally and is currently testing the support at the 20 EMA at $23.80. If silver manages to settle below this level, it will head towards the next support level at $23.30.
In case silver settles below the support at $23.30, it will gain downside momentum and head towards the next support level at $22.90.
On the upside, silver needs to get above the resistance at the 50 EMA at $24.10 to have a chance to develop additional upside momentum. The 50 EMA level continues to serve as a major obstacle on the way up, and silver will likely need more bullish catalysts to settle above this level.
If silver gets above the 50 EMA, it will head towards the next resistance level near $24.60. A move above $24.60 will open the way to the test of the resistance at $25.00.
In case silver settles below the support at $23.30, it will gain downside momentum and head towards the next support level at $22.90.
On the upside, silver needs to get above the resistance at the 50 EMA at $24.10 to have a chance to develop additional upside momentum. The 50 EMA level continues to serve as a major obstacle on the way up, and silver will likely need more bullish catalysts to settle above this level.
If silver gets above the 50 EMA, it will head towards the next resistance level near $24.60. A move above $24.60 will open the way to the test of the resistance at $25.00.
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