Today, silver tested the support level at $24.00 but failed to develop additional downside momentum and rebounded closer to the $25 level.
The nearest significant resistance level for silver is located at the 50 EMA at $25.15. If silver manages to settle above this level, it will move towards the next resistance at $25.30. A successful test of this level will push silver towards the next resistance which is located near the 20 EMA at $25.55.
On the support side, silver will likely get some support near $24.70. A move below this level will open the way to the test of the support at $24.50. In case silver gets below this level, it will head towards the support at $24.25.
The recent trading action indicated that silver may move fast between these levels so traders should be ready to react quickly to any developments.
The nearest significant resistance level for silver is located at the 50 EMA at $25.15. If silver manages to settle above this level, it will move towards the next resistance at $25.30. A successful test of this level will push silver towards the next resistance which is located near the 20 EMA at $25.55.
On the support side, silver will likely get some support near $24.70. A move below this level will open the way to the test of the support at $24.50. In case silver gets below this level, it will head towards the support at $24.25.
The recent trading action indicated that silver may move fast between these levels so traders should be ready to react quickly to any developments.
