Silver Gains Ground As Gold Moves Above The $1975 Level

Key Insights

• Silver continues to gain ground, while gold is trying to get closer to the $2000 level. 
• Gold/silver ratio declined to the 77 level. 
• A move above the resistance at $25.60 will push silver towards the next resistance at $25.80.

Silver ETF Moves Higher As Demand For Safe-Haven Assets Stays Strong

Silver is currently trying to settle above the resistance at $25.60, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $23.70.

The U.S. Dollar Index is testing the resistance at 100.50. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance level at 100.85, which may put some pressure on silver and gold price today.

Gold has recently managed to get above the resistance at $1975 and is trying to develop additional upside momentum, while SPDR Gold Shares ETF moved above $184.50. If gold settles above the $1975 level, it will head towards the $2000 level, which will be bullish for silver.

Gold/silver ratio settled below 77.50 and is testing the support level at 77. In case this test is successful, gold/silver ratio will head towards the next support at 76.50, which will be bullish for silver.

Technical Analysis

Silver is testing the resistance at $25.60. In case this test is successful, silver will move towards the next resistance level, which is located at $25.80.

A move above the resistance at $25.80 will push silver towards the next resistance level at $26.00. If silver manages to settle above this level, it will head towards the resistance at $26.15.

On the support side, a move below $25.60 will push silver towards the support level at $25.30. In case silver declines below this level, it will head towards the next support at $25.10. A successful test of the support at $25.10 will open the way to the test of the next support, which is located at the 20 EMA at $24.90.

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