Silver Gets Strong Support In The $23.50 - $24.00 Area
Silver has recently made another attempt to get to the test of the support level at $23.50 but failed to gain additional downside momentum and rebounded closer to the 20 EMA at $24.00.
The area between $23.50 and $24.00 continues to serve as a strong support area for silver. If silver settles below $23.50, it will quickly get to the test of the next support level at $23.30. A move below $23.30 will open the way to the next support at $22.90.
On the upside, silver needs to get above the resistance at the 50 EMA at $24.15 to have a chance to develop upside momentum. A move above $24.15 will push silver towards the resistance at $24.60. If silver manages to settle above $24.60, it will continue its upside move and head towards the resistance level at $25.00.
The area between $23.50 and $24.00 continues to serve as a strong support area for silver. If silver settles below $23.50, it will quickly get to the test of the next support level at $23.30. A move below $23.30 will open the way to the next support at $22.90.
On the upside, silver needs to get above the resistance at the 50 EMA at $24.15 to have a chance to develop upside momentum. A move above $24.15 will push silver towards the resistance at $24.60. If silver manages to settle above $24.60, it will continue its upside move and head towards the resistance level at $25.00.
