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Vladimir Zernov
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Silver

Silver Gains Some Ground Ahead Of Fed Interest Rate Decision

Silver is currently trying to settle back above the resistance level at $24.70 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above 92.60 and continues to move towards the resistance at 92.80 ahead of Fed Interest Rate Decision. In case the U.S. Dollar Index manages to get back above the resistance at 92.80, it will move towards the next resistance level at 93.10 which will be bearish for silver and gold price today.

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Meanwhile, gold continues to trade near the key support level at $1800. In case gold finally settles below $1800, it will gain downside momentum and get to the test of the next support level at $1775 which will be bearish for silver and other precious metals.

Gold/silver ratio faced resistance at the 73 level and pulled back. In case gold/silver ratio gets back above the 73 level, it will continue its upside move and head towards the recent highs near 73.35 which will be bearish for silver.

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Technical Analysis

Silver received support at $24.50 and is trying to settle back above $24.70. In case this attempt is successful, silver will move towards the resistance level at $25.00.

A move above this level will push silver towards the next resistance level at $25.30. In case silver manages to settle above $25.30, it will move towards the resistance which is located near the 20 EMA at $25.50.

On the support side, silver needs to settle below $24.70 to have another chance to test the support level at $24.50. If silver declines below this level, it will move towards the next support at $24.20. RSI remains in the moderate territory so there is enough room to develop additional downside momentum in case the right catalysts emerge.

If silver settles below $24.20, it will move towards the support at $24.00. A successful test of this level will open the way to the test of the support at March lows at $23.80.

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

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