Silver Retreats As Demand For Safe-Haven Assets Declines
Silver found itself under strong pressure today and tested the support at the 20 EMA at $26.05. Importantly, silver managed to get out of the recent upside channel which is a worrisome development for the bulls.
Currently, silver tries to get back above the resistance at $26.70. If this attempt is successful, silver will move towards the $27 level. A move above this level will open the way to the test of the next resistance at $27.50.
On the support side, the nearest support level for silver is located at $26.30. In case silver declines below this level, it will have a chance to test the 20 EMA at $26.05. If silver gets below the 20 EMA, it will gain additional downside momentum and head towards the support at $25.85.
Currently, silver tries to get back above the resistance at $26.70. If this attempt is successful, silver will move towards the $27 level. A move above this level will open the way to the test of the next resistance at $27.50.
On the support side, the nearest support level for silver is located at $26.30. In case silver declines below this level, it will have a chance to test the 20 EMA at $26.05. If silver gets below the 20 EMA, it will gain additional downside momentum and head towards the support at $25.85.
