U.S. Inflation Data Provides Support To Silver
Silver managed to get above the resistance at $25.85 and is trying to settle above the $26 level. If this attempt is successful, silver will move towards the next resistance level which is located at the 50 EMA at $26.30.
In case silver gets above this level, it will test the 20 EMA at $26.40. A move above the resistance at the 20 EMA will push silver towards the next resistance level at $26.70. If silver manages to settle above this level, it will head towards the resistance at $27.00.
On the support side, the nearest support level for silver is located at the previous resistance at $25.85. If silver declines below this level, it will head towards the support at $25.55. This support level has already been tested during the current trading session and proved its strength. If silver settles below the support at $25.55, it will move towards the next support at $25.20.
In case silver gets above this level, it will test the 20 EMA at $26.40. A move above the resistance at the 20 EMA will push silver towards the next resistance level at $26.70. If silver manages to settle above this level, it will head towards the resistance at $27.00.
On the support side, the nearest support level for silver is located at the previous resistance at $25.85. If silver declines below this level, it will head towards the support at $25.55. This support level has already been tested during the current trading session and proved its strength. If silver settles below the support at $25.55, it will move towards the next support at $25.20.