Silver Stays Range-Bound At The Start Of The Week
Silver did not manage to settle below the support at $25.85 and stays in the range between $25.85 and the resistance at $26.30. If silver settles above the high end of this range, it will head towards the next resistance level at $26.65. This resistance level has been tested several times and proved its strength.
A successful test of the resistance at $26.65 will push silver towards the next resistance level which is located at $27.00. In case silver gets above $27.00, it will move towards the resistance at $27.50.
On the support side, silver needs to settle below the support at $25.85 to have a chance to develop downside momentum. The next support level is located at the 50 EMA at $25.75.
The 20 EMA is located in the nearby, so silver will likely get material support in the $25.70 - $25.85 area. If silver declines below this area, it will head towards the support at $25.55.
A successful test of the resistance at $26.65 will push silver towards the next resistance level which is located at $27.00. In case silver gets above $27.00, it will move towards the resistance at $27.50.
On the support side, silver needs to settle below the support at $25.85 to have a chance to develop downside momentum. The next support level is located at the 50 EMA at $25.75.
The 20 EMA is located in the nearby, so silver will likely get material support in the $25.70 - $25.85 area. If silver declines below this area, it will head towards the support at $25.55.