Silver Moves Higher Amid Demand For Safe Haven Assets
Silver gained strong upside momentum and is trying to settle above the resistance at $26.25 - $26.30. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
If silver settles above $26.30, it will move towards the next resistance level which is located at $26.65. In case silver manages to settle above $26.65, it will head towards the resistance at $27.00. A move above this level will open the way to the test of the resistance at $27.50.
On the support side, the nearest support level for silver is located at $25.85. If silver declines below this level, it will move towards the support at the 50 EMA at $25.70. A successful test of the support at the 50 EMA will open the way to the test of the support at the 20 EMA at $25.55.
If silver settles above $26.30, it will move towards the next resistance level which is located at $26.65. In case silver manages to settle above $26.65, it will head towards the resistance at $27.00. A move above this level will open the way to the test of the resistance at $27.50.
On the support side, the nearest support level for silver is located at $25.85. If silver declines below this level, it will move towards the support at the 50 EMA at $25.70. A successful test of the support at the 50 EMA will open the way to the test of the support at the 20 EMA at $25.55.