Silver Gains Ground As Gold Rallies Towards $1900

Silver ETF Is Set To Open Higher

Silver is currently trying to settle above the resistance at $23.70 while U.S. dollar is flat against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get above the $22.00 level in premarket trading.

The U.S. Dollar Index continues its attempts to settle below the 50 EMA which is located at 95.80. If the U.S. Dollar Index manages to settle below this level, it will move towards the next support level at 95.40 which will be bullish for silver and gold price today.

Meanwhile, gold managed to settle above the resistance at $1875 and is moving towards the $1900 level while SPDR Gold Trust is heading towards the $177 level. In case gold gets above $1900, it will gain additional upside momentum and head towards the resistance at $1915 which will be bullish for silver.

Gold/silver ratio settled back above 79.50 and made an attempt to get to the test of the 80 level. A move above 80 will push gold/silver ratio towards 81 which will be bearish for silver.

Technical Analysis

Silver has recently managed to get above $23.70 and is trying to develop additional upside momentum. In case this attempt is successful, silver will move towards the next resistance level which is located at $24.00.

A move above the resistance at $24.00 will open the way to the test of the resistance at $24.20. If silver manages to settle above this level, it will head towards the next resistance at $24.50.

On the support side, silver needs to get back below $23.70 to have a chance to gain downside momentum in the near term. The next support level for silver is located at $23.50.

If silver declines below this level, it will move towards the support level at the 20 EMA at $23.30. In case silver manages to settle below the 20 EMA, it will get to the test of the support at the 50 EMA at $23.20.

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