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Vladimir Zernov
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Silver Tries To Gain More Ground As Dollar Declines

Silver is once again trying to settle above the resistance at $23.80 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index is currently testing the support level at the 50 EMA at 92.45. In case this test is successful, the U.S. Dollar Index will head towards the support at 92.30 which will be bullish for silver and gold price today.

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Gold failed to settle above the $1800 level and moved back into the trading range between $1775 and $1800. In case gold manages to get to the test of the support at $1775, silver will find itself under pressure.

Gold/silver ratio did not manage to get above the 76 level and declined closer to the 75 level. In case gold/silver ratio manages to settle below 75, it will get to the test of the support at the 20 EMA at 74.90 which will be bullish for silver.

Meanwhile, the yield of 10-year Treasuries found support near 1.26% and is trying to rebound. In case the yield of 10-year Treasuries gets above 1.30%, it will move towards the 20 EMA at 1.31% which will be bearish for silver and other precious metals.

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Technical Analysis

Silver continues its attempts to settle above the resistance level at $23.80. In case silver manages to settle above this level, it will get to the test of the resistance at the 20 EMA at $24.00.

A successful test of the resistance at the 20 EMA will push silver towards the next resistance at $24.20. If silver gets above this level, it will move towards the next resistance level at the 50 EMA near $24.50.

On the support side, the nearest support level for silver is located at $23.50. A successful test of this level will push silver towards the support at $23.20. If silver manages to settle below the support at $23.20, it will continue its upside move and head towards the next support at $22.90.

For a look at all of today’s economic events, check out our economic calendar.

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