Silver Tests Resistance At $27.50 After Shocking U.S. Jobs Data
Silver managed to settle above the resistance at $27.00 and made an attempt to settle above the next resistance level at $27.50. Dollar's weakness after disappointing Non Farm Payrolls report served as the main catalyst for the move, and the continuation of dollar's downside trend may help silver to get above the resistance at $27.50. In this case, silver will move towards the next resistance level at $27.75.
A move above the resistance at $27.75 will push silver towards the resistance at $28.30. In case silver settles above this level, it will head towards the resistance at $28.90.
On the support side, the previous resistance at $27.00 will serve as the first support level for silver. If silver settles below this level, it will move towards the support at $26.65. A move below $26.65 will open the way to the test of the support which is located near the 20 EMA at $26.30. If silver settles below the 20 EMA, it will move towards the 50 EMA at $26.00.
A move above the resistance at $27.75 will push silver towards the resistance at $28.30. In case silver settles above this level, it will head towards the resistance at $28.90.
On the support side, the previous resistance at $27.00 will serve as the first support level for silver. If silver settles below this level, it will move towards the support at $26.65. A move below $26.65 will open the way to the test of the support which is located near the 20 EMA at $26.30. If silver settles below the 20 EMA, it will move towards the 50 EMA at $26.00.
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