Silver Tries To Stabilize After Yesterday's Sell-Off
Silver is currently testing the nearest resistance level at $27.00. If silver manages to get above this level, it will head towards the next resistance level at $27.50 although it may also face some resistance at $27.20.
RSI has left the overbought territory after the recent sell-off, so there is plenty of room to gain upside momentum in case the right catalysts emerge. A successful test of the resistance at $27.50 will push silver towards the next resistance level at $27.75.
On the support side, the nearest support level for silver is located at $26.70. If silver declines below this level, it will head towards the next support at the 20 EMA at $26.20. A move below the 20 EMA will open the way to the test of the support level at $25.85.
RSI has left the overbought territory after the recent sell-off, so there is plenty of room to gain upside momentum in case the right catalysts emerge. A successful test of the resistance at $27.50 will push silver towards the next resistance level at $27.75.
On the support side, the nearest support level for silver is located at $26.70. If silver declines below this level, it will head towards the next support at the 20 EMA at $26.20. A move below the 20 EMA will open the way to the test of the support level at $25.85.