Silver managed to settle above the resistance at $24.50 and is testing the next resistance level at $24.70. RSI has rebounded in recent trading sessions but remains far below March highs, and there is plenty of room to gain additional upside momentum.
In case silver settles above $24.70, it will head towards the resistance at $25.00. A move above $25.00 will open the way to the test of the resistance at $25.20. If silver gets above this level, it will move towards the 20 EMA at $25.40.
On the support side, the previous resistance at $24.50 will serve as the first support level for silver. If silver gets below this level, it will head towards the support at $24.20. A move below $24.20 will push silver towards the support at $24.00. In case silver declines below $24.00, it will move towards the next support level which is located near the recent lows at $23.70.
In case silver settles above $24.70, it will head towards the resistance at $25.00. A move above $25.00 will open the way to the test of the resistance at $25.20. If silver gets above this level, it will move towards the 20 EMA at $25.40.
On the support side, the previous resistance at $24.50 will serve as the first support level for silver. If silver gets below this level, it will head towards the support at $24.20. A move below $24.20 will push silver towards the support at $24.00. In case silver declines below $24.00, it will move towards the next support level which is located near the recent lows at $23.70.