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Vladimir Zernov
Silver
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Silver Video 30.10.20.

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Silver Rebounds On Weaker U.S. Dollar

Silver gained upside momentum and settled above the nearest resistance at $23.30 as the U.S. dollar pulled back against a broad basket of currencies after the recent rally.

The U.S. Dollar Index made an attempt to settle above the resistance at the 94 level but failed to gain additional upside momentum and declined to 93.75. The nearest support level for the U.S. Dollar Index is located at the 50 EMA at 93.60.

If the U.S. Dollar Index manages to settle below this level, it will gain downside momentum and head towards the next support at the 20 EMA at 93.40. This scenario will be bullish for silver.

Gold is also gaining ground today and is trying to get back to the $1900 level. The nearest significant resistance level for gold is located at the 50 EMA at $1905. A move above this level will provide gold with an opportunity to get to the test of the next resistance at $1930 which will be bullish for silver and other precious metals.

Meanwhile, gold/silver ratio failed to settle above the resistance at 81.50 and declined below the 80 level. The nearest support level for gold/silver ratio is located at the 50 EMA at 78.45. If gold/silver ratio moves towards this level, silver will get additional support.

Technical Analysis

XAGUSD October 30 2020

Silver managed to settle above the resistance at $23.30 and is moving towards the next resistance level at $23.90. In case silver gets above $23.90, it will head towards the resistance at the 20 EMA at $24.25.

A move above the 50 EMA will open the way to the test of the resistance at the 50 EMA at $24.40. The 50 EMA served as a major obstacle on the way up for silver in recent trading sessions so silver will likely need additional positive catalysts to move above the 50 EMA.

On the support side, the previous resistance at $23.30 will likely serve as the first support level for silver. If silver gets below this level, it will head towards the next support at $22.90.  A move below the support at $22.90 will push silver towards the recent lows at $22.60.

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

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