Silver managed to settle above the resistance at $27.00 is is trying to settle above the next resistance level at $27.50. RSI is very close to the overbought territory but there is still plenty of room to gain additional momentum in case the right catalysts emerge.
If silver settles above the resistance at $27.50, it will head towards the next resistance level at $27.75. A move above $27.75 will push silver towards the resistance at $28.30. In case silver gets above $28.30, it will move towards the resistance at $28.90. It should be noted that there are no significant levels between $28.30 and $28.90 so this move may be fast.
On the support side, the previous resistance at $27.00 will likely serve as the first support level for silver. No material levels were formed between $27.00 and $27.50 so silver may quickly get to the test of this level.
If silver declines below the support at $27.00, it will head towards the next support level at $26.70. A move below $26.70 will open the way to the test of the key support level at $26.30.
If silver settles above the resistance at $27.50, it will head towards the next resistance level at $27.75. A move above $27.75 will push silver towards the resistance at $28.30. In case silver gets above $28.30, it will move towards the resistance at $28.90. It should be noted that there are no significant levels between $28.30 and $28.90 so this move may be fast.
On the support side, the previous resistance at $27.00 will likely serve as the first support level for silver. No material levels were formed between $27.00 and $27.50 so silver may quickly get to the test of this level.
If silver declines below the support at $27.00, it will head towards the next support level at $26.70. A move below $26.70 will open the way to the test of the key support level at $26.30.
