Silver Gains More Ground As Dollar Pulls Back

Silver ETF Continues To Move Higher

Silver is currently trying to settle above the resistance at $22.60 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $20.90.

The U.S. Dollar Index has recently made an attempt to settle back above the resistance at 96 level but failed to develop sufficient upside momentum and pulled back towards 95.90. In case the U.S. Dollar Index settles below this level, it will head towards the support level at 95.75 which will be bullish for silver and gold price today.

Gold managed to get back above the $1800 level and is trying to develop additional upside momentum while SPDR Gold Trust is trying to get to the test of the $169 level. The next resistance level for gold is located at $1815. In case gold gets to the test of this level, silver will get more support.

Gold/silver ratio is currently trying to settle below the 80 level. If gold/silver ratio declines below 80, it will head towards the support at the 20 EMA at 79.35 which will be bullish for silver.

Technical Analysis

Silver is testing the resistance level at $22.60. In case silver manages to settle above this level, it will get to the test of the next resistance near the 20 EMA at $22.75.

A move above the resistance at the 20 EMA will push silver towards the resistance at $22.90. If silver moves above this level, it will test the next resistance level which is located at the 50 EMA at $23.00.

On the support side, the previous resistance level at $22.30 will serve as the first support level for silver. In case silver declines below this level, it will move towards the next support at $22.10. A successful test of this support level will push silver towards the support at $21.90.

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