Silver Gains Ground As Precious Metals Stay In Demand

Key Insights

• Silver moves higher as investors continue to move funds into safe-haven assets.
• Gold settled back above $1900 and is testing the next resistance at $1915.
• General risk appetite will remain the key driver for silver in the upcoming days.

Silver ETF Moves Higher At The Start Of The Week

Silver is currently trying to settle above the resistance at $24.50, while the U.S. dollar is gaining some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near $22.50 level.

The U.S. Dollar Index has recently managed to settle below the 97 level and is currently testing the support at 96.70. In case this test is successful, the U.S. Dollar Index will move towards the support at 96.50, which may be bullish for silver and gold price today. However, traders should keep in mind that precious metals and dollar may move in sync as the flow of funds into safe-haven assets is the main driver for them right now.

Gold is testing the resistance at $1915, while SPDR Gold Trust is trying to settle above $178.50. If gold manages to settle above $1915, it will continue its upside move and head towards the resistance level at $1930, which will be bullish for silver.

Gold/silver ratio is testing the resistance level at the 50 EMA at 78.55. If gold/silver ratio manages to settle above this level, it will move towards the 79 level, which will be bearish for silver.

Technical Analysis

Silver continues its attempts to settle above the resistance at $24.50. In case silver manages to settle above this level, it will head towards the next resistance at $24.70.

A move above the resistance at $24.70 will push silver towards the resistance at $25.00. If silver gets above this level, it will head towards the resistance at $25.20. A successful test of the resistance at $25.20 will open the way to the test of the resistance at $25.40.

On the support side, a move below $24.50 will push silver towards the support at $24.20. If silver declines below this level, it will move towards the next support level at $24.00. A successful test of the support at $24.00 will open the way to the test of the support at $23.85.

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