Silver gained strong downside momentum and managed to get below the support at $24.70. Currently, silver is trying to settle below the next support level at $24.50. This support level has been recently tested and proved its strength.
In case silver declines below the support at $24.50, it will head towards the next support level at $24.20. RSI remains in the moderate territory, so there is plenty of room to gain downside momentum in case the right catalysts emerge. If silver settles below the support at $24.20, it will head towards the next support at $24.00.
On the upside, silver needs to get back above $24.70 to have a chance to develop upside momentum in the near term. The next resistance level is located at $25.00. If silver gets above this level, it will head towards the resistance at $25.20. A successful test of the resistance at $25.20 will open the way to the test of the resistance at $25.55.
In case silver declines below the support at $24.50, it will head towards the next support level at $24.20. RSI remains in the moderate territory, so there is plenty of room to gain downside momentum in case the right catalysts emerge. If silver settles below the support at $24.20, it will head towards the next support at $24.00.
On the upside, silver needs to get back above $24.70 to have a chance to develop upside momentum in the near term. The next resistance level is located at $25.00. If silver gets above this level, it will head towards the resistance at $25.20. A successful test of the resistance at $25.20 will open the way to the test of the resistance at $25.55.