Silver Is Under Pressure At The Beginning Of The Week
Silver declined below the support at $25.85 and made an attempt to settle below the next support which is located at the 50 EMA at $25.65.
If silver manages to settle below the 50 EMA, it will head towards the next support which is located at $25.55. A move below this level will open the way to the test of the 20 EMA level at $25.45. In this light, silver will likely get material support in the $25.45 - $25.65 area.
On the upside, a move above $25.85 will push silver towards the resistance at $26.25 - $26.30. This resistance area has been tested several times in recent trading sessions and proved its strength. If silver gets above $26.30, it will head towards the resistance at $26.65. A successful test of this level will open the way to the test of the resistance at $27.00.
If silver manages to settle below the 50 EMA, it will head towards the next support which is located at $25.55. A move below this level will open the way to the test of the 20 EMA level at $25.45. In this light, silver will likely get material support in the $25.45 - $25.65 area.
On the upside, a move above $25.85 will push silver towards the resistance at $26.25 - $26.30. This resistance area has been tested several times in recent trading sessions and proved its strength. If silver gets above $26.30, it will head towards the resistance at $26.65. A successful test of this level will open the way to the test of the resistance at $27.00.