Silver Moves Higher Ahead Of The Weekend
Silver has recently made an attempt to settle below the low end of the current trading range at the $27 level but failed to develop sufficient downside momentum and rebounded back above $27.00.
Silver has also tested the high end of the current $27.00 - $27.50 trading range but this test was not successful. If silver manages to settle above $27.50, it will quickly move towards the next resistance level which is located at $27.75. A move above this level will open the way to the test of the resistance at $28.30. There are no important levels between $27.75 and $28.30 so this move may be fast.
On the support side, the nearest support level for silver is still located at $27.00. If silver moves below this level, it will get to the test of the next support at the 20 EMA at $26.90. In case silver declines below $26.90, it will head towards the support at $26.70.
Silver has also tested the high end of the current $27.00 - $27.50 trading range but this test was not successful. If silver manages to settle above $27.50, it will quickly move towards the next resistance level which is located at $27.75. A move above this level will open the way to the test of the resistance at $28.30. There are no important levels between $27.75 and $28.30 so this move may be fast.
On the support side, the nearest support level for silver is still located at $27.00. If silver moves below this level, it will get to the test of the next support at the 20 EMA at $26.90. In case silver declines below $26.90, it will head towards the support at $26.70.