Silver gained strong downside momentum after it managed to settle below the key support level at $25.85. Silver has already managed to get below the next support at $25.55 and is currently trying to settle below the support at $25.20.
In case this attempt is successful, silver will head towards the support level at $25.00. A move below the support at $25.00 will push silver towards the support at $24.70. If silver gets below this level, it will move towards the next support at $24.50.
On the upside, the previous support at $25.55 will likely serve as the first resistance level for silver. If silver gets above this level, it will head towards the resistance at $25.85. A successful test of the resistance at $25.85 will push silver back into the previous trading range between $25.85 and the resistance near the 50 EMA at $26.25.
In case this attempt is successful, silver will head towards the support level at $25.00. A move below the support at $25.00 will push silver towards the support at $24.70. If silver gets below this level, it will move towards the next support at $24.50.
On the upside, the previous support at $25.55 will likely serve as the first resistance level for silver. If silver gets above this level, it will head towards the resistance at $25.85. A successful test of the resistance at $25.85 will push silver back into the previous trading range between $25.85 and the resistance near the 50 EMA at $26.25.