Silver Retreats As Treasury Yields Move To New Highs
Silver gained downside momentum and managed to settle below the support at $25.85. Currently, silver is trying to settle below the next support level at $25.55. If this attempt is successful, silver will move towards the support at $25.20.
A successful test of the support at $25.20 will open the way to the test of the next support level which is located near the lows of the previous pullback at $25.00.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. If silver gets back above this level, it will head towards the resistance at the 50 EMA at $26.25. The 20 EMA in in the nearby, so this level will likely be a strong obstacle on the way up for silver.
In case silver gets above the 50 EMA, it will move towards the next resistance at $26.70. A move above this level will push silver towards the resistance at $27.00.
A successful test of the support at $25.20 will open the way to the test of the next support level which is located near the lows of the previous pullback at $25.00.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. If silver gets back above this level, it will head towards the resistance at the 50 EMA at $26.25. The 20 EMA in in the nearby, so this level will likely be a strong obstacle on the way up for silver.
In case silver gets above the 50 EMA, it will move towards the next resistance at $26.70. A move above this level will push silver towards the resistance at $27.00.