In recent trading sessions, silver made two attempts to settle above the resistance at $24.60 but failed to develop sufficient upside momentum and pulled back.
Currently, silver is testing the nearest support level at the 50 EMA at $24.15. The 50 EMA has previously served as a major obstacle on the way up for silver, and this level will likely attract plenty of interest on the way down.
If silver settles below the 50 EMA, it will get to another test of the next support level at the 20 EMA at $24.00. A move below the 20 EMA will push silver towards the next support level which has recently emerged near $23.50.
On the upside, silver needs to stay above the 50 EMA to continue its upside move. The nearest significant resistance level for silver is still located at $24.60. In case silver gets above this level, it will head towards the resistance at $25.00.
Currently, silver is testing the nearest support level at the 50 EMA at $24.15. The 50 EMA has previously served as a major obstacle on the way up for silver, and this level will likely attract plenty of interest on the way down.
If silver settles below the 50 EMA, it will get to another test of the next support level at the 20 EMA at $24.00. A move below the 20 EMA will push silver towards the next support level which has recently emerged near $23.50.
On the upside, silver needs to stay above the 50 EMA to continue its upside move. The nearest significant resistance level for silver is still located at $24.60. In case silver gets above this level, it will head towards the resistance at $25.00.
