Silver Rebounds As Treasury Yields Move Lower
Silver gained strong upside momentum and is trying to settle above the resistance at $25.85. RSI has just started to rebound from recent lows so there is plenty of room to gain additional momentum in case the right catalysts emerge.
If silver settles above $25.85, it will head towards the next resistance at the 50 EMA at $26.30. A move above the 50 EMA will lead to the test of the next resistance at the 20 EMA at $26.45. In case silver gets above the 20 EMA, it will move towards the resistance at $26.70.
On the support side, a move below $25.85 will open the way to the test of the support at $25.55. In case silver declines below this level, it will head towards the next support at $25.20. A successful test of the support at $25.20 will push silver towards the recent lows at $25.00.
If silver settles above $25.85, it will head towards the next resistance at the 50 EMA at $26.30. A move above the 50 EMA will lead to the test of the next resistance at the 20 EMA at $26.45. In case silver gets above the 20 EMA, it will move towards the resistance at $26.70.
On the support side, a move below $25.85 will open the way to the test of the support at $25.55. In case silver declines below this level, it will head towards the next support at $25.20. A successful test of the support at $25.20 will push silver towards the recent lows at $25.00.