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Vladimir Zernov
Silver

Silver Video 28.09.20.

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Silver Tests The Resistance At $23.30

Silver continues its rebound and is trying to settle above the resistance at $23.30 as the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at 94.65 and declined closer to the nearest support level at 94.20 as GBP/USD gained ground on hopes for a deal between EU and UK.

If the U.S. Dollar Index manages to settle below the support at 94.20, it will gain more downside momentum and provide support to silver.

Meanwhile, gold is also trying to rebound. Currently, gold is testing the nearest resistance level at $1875. If gold moves above this resistance level, it will gain upside momentum which will be bullish for silver.

Gold/silver ratio is moving towards the 80 level. The nearest significant support for gold/silver ratio is located at the 50 EMA at 78.10. If gold/silver ratio declines closer to this level, silver will have a good chance to gain significant upside momentum.

At this point, silver managed to stabilize after the recent sell-off and is trying to gain more momentum for a rebound. The dynamics of the American currency will continue to play a key role for silver in the upcoming trading sessions.

Technical Analysis

Silver gained upside momentum and is testing the nearest resistance level at $23.30. This level has already been tested several times during the recent trading sessions and proved its strength.

If silver manages to settle above $23.30, it will gain additional upside momentum and head towards the next resistance level at the 50 EMA at $24.80. The previous downside move was very fast and no material levels were formed between $23.30 and $24.80, so silver’s rebound may be fast.

In case silver gets above the resistance at the 50 EMA, it will head towards the next resistance level at the 20 EMA at $25.30.

On the support side, the nearest significant support level is located at $22.30. Silver has mostly ignored the previous resistance level at $22.90  so it won’t serve as a meaningful support level on the way down.

In case silver gets below the support at $22.30, it will move towards the next support at the recent lows at $21.65.

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

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