Silver tested the support at $25.00 but failed to develop additional downside momentum and rebounded above the 50 EMA at $25.25. The next resistance level for silver is located at the 20 EMA at $25.60.
If silver manages to settle above this level, it will move towards the next resistance at $25.85. A move above this level will open the way to the test of the resistance at $26.30.
On the support side, silver needs to get back below the 50 EMA at $25.25 to have a chance to develop additional downside momentum. The next support level is located at $25.00. If silver gets below this level, it will head towards the support at $24.70. A successful test of the support at $24.70 will open the way to the test of the support level at $24.50.
If silver manages to settle above this level, it will move towards the next resistance at $25.85. A move above this level will open the way to the test of the resistance at $26.30.
On the support side, silver needs to get back below the 50 EMA at $25.25 to have a chance to develop additional downside momentum. The next support level is located at $25.00. If silver gets below this level, it will head towards the support at $24.70. A successful test of the support at $24.70 will open the way to the test of the support level at $24.50.
