Silver Gains Ground As U.S. Inflation Rises Faster Than Expected
Silver managed to get above the resistance at $25.20 and is testing the next resistance level which is located at the 20 EMA at $25.30. In case silver manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance at $25.55.
A move above the resistance at $25.55 will push silver towards the resistance at the 50 EMA at $25.65. If silver gets above the 50 EMA, it will move towards the resistance at $25.85. A successful test of this level will open the way to the test of the next resistance area at $26.25 - $26.30.
On the support side, the previous resistance at $25.20 will serve as the first support level for silver. In case silver manages to settle below this level, it will head towards the support at $25.00. A move below the support at $25.00 will push silver towards the support at $24.70.
A move above the resistance at $25.55 will push silver towards the resistance at the 50 EMA at $25.65. If silver gets above the 50 EMA, it will move towards the resistance at $25.85. A successful test of this level will open the way to the test of the next resistance area at $26.25 - $26.30.
On the support side, the previous resistance at $25.20 will serve as the first support level for silver. In case silver manages to settle below this level, it will head towards the support at $25.00. A move below the support at $25.00 will push silver towards the support at $24.70.