Silver Stays Strong As U.S. Dollar Remains Under Pressure
Silver managed to settle above the resistance at $27.50 and is testing the next resistance level at $27.75. In case this test is successful, silver will move towards the resistance at $28.30.
A move above the resistance at $28.30 will push silver towards the resistance level which is located at $28.90. There are no important levels between $28.30 and $28.90 so this move may be fast. In case silver settles above the resistance at $28.90, it will head towards the next resistance at $29.30.
On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will open the way to the test of the support at $27.00.
In case silver declines below the support at $27.00, it will move towards the support at $26.65. A successful test of this level will push silver towards the next support which is located at the 20 EMA at $26.45.
A move above the resistance at $28.30 will push silver towards the resistance level which is located at $28.90. There are no important levels between $28.30 and $28.90 so this move may be fast. In case silver settles above the resistance at $28.90, it will head towards the next resistance at $29.30.
On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will open the way to the test of the support at $27.00.
In case silver declines below the support at $27.00, it will move towards the support at $26.65. A successful test of this level will push silver towards the next support which is located at the 20 EMA at $26.45.