Silver Gains Ground While Gold Moves To Multi-Week Highs
Silver managed to settle above the resistance at $27.50 and is testing the next resistance level at $27.75. In case this test is successful, silver will move towards the resistance at $28.30.
RSI is in the moderate territory so there is plenty of room to gain additional momentum in case the right catalysts emerge. In addition, there are no important levels between $27.75 and $28.30 so the upside move may be fast.
In case silver gets above $28.30, it will move towards the next resistance at $28.90. A successful test of this level will open the way to the test of the resistance at $29.30.
On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will push silver towards the support at $27.00.
If silver declines below $27.00, it will head towards the 20 EMA at $26.75. In case silver manages to get below the 20 EMA, it will move towards the 50 EMA which is located at $26.30.
RSI is in the moderate territory so there is plenty of room to gain additional momentum in case the right catalysts emerge. In addition, there are no important levels between $27.75 and $28.30 so the upside move may be fast.
In case silver gets above $28.30, it will move towards the next resistance at $28.90. A successful test of this level will open the way to the test of the resistance at $29.30.
On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will push silver towards the support at $27.00.
If silver declines below $27.00, it will head towards the 20 EMA at $26.75. In case silver manages to get below the 20 EMA, it will move towards the 50 EMA which is located at $26.30.
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