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Vladimir Zernov
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Silver Tries To Gain Some Ground At The Start Of The Week

Silver has recently made an attempt to get to the test of the resistance at $25.50 but lost momentum and pulled back below $25.30 while the U.S. dollar remained under pressure against a broad basket of currencies.

The U.S. Dollar Index has managed to get below the support at 92.80 and is moving towards the next support level which is located at the 20 EMA at 92.45. Currently, the U.S. Dollar Index is trying to settle below 92.60. If the U.S. Dollar Index settles below this level, it will head towards the support at 92.45 which will be bullish for silver and gold price today.

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Gold continues to trade near the key support level at $1800. Gold has made several attempts to settle below this level in previous trading sessions but failed to develop sufficient downside momentum. In case gold settles below $1800, it will get to the test of the next support level at $1775 which will be bearish for silver.

Gold/silver ratio faced resistance near 71.50 and pulled back. The nearest support level for gold/silver ratio is located at the 71 level. If gold/silver ratio gets to the test of this level, silver will get more support.

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Technical Analysis

Silver has recently moved below the support at $25.30 and is heading towards the support level at $25.00. In case silver declines below this level, it will gain additional downside momentum and move towards the support at $24.70. A move below this level will push silver towards the support at $24.50.

On the upside, silver needs to settle above the resistance level at $25.50 to have a chance to develop upside momentum in the near term.

If silver manages to settle above $25.50, it will head towards the resistance level which is located at the 20 EMA near $25.80. A move above the 20 EMA will open the way to the test of the resistance at the 50 EMA at $26.25.

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