Silver Pulls Back After Unsuccessful Attempt To Settle Above $24.00

Silver Moves Lower At The Start Of The Week

Silver has recently made another attempt to settle above the resistance at $24.00 but failed to develop sufficient upside momentum and pulled back while the U.S. dollar lost some ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle below the 50 EMA at 95.75 and is currently trying to settle back above the resistance at 96. In case this attempt is successful, the U.S. Dollar Index will head towards the resistance at 96.25 which will be bearish for silver and gold price today.

Meanwhile, gold is still trading near the important $1900 level. Geopolitical tensions are increasing, and gold has a good chance to settle above this level. In this scenario, gold will move towards the next resistance at $1915 which will be bullish for silver. It should be noted that SPDR Gold Trust and iShares Silver Trust are not trading today as the U.S. markets are closed.

Gold/silver ratio has moved back above 79.50 and is trying to get to the test of the 80 level. In case gold/silver ratio manages to settle above 80, it will head towards the resistance at 81 which will be bearish for silver.

Technical Analysis

Silver is currently trading in the range between the support at $23.70 and the resistance at $24.00. If silver manages to get above the $24.00 level, it will head towards the resistance at $24.20.

A move above the resistance at $24.20 will push silver towards the resistance at $24.50. In case silver moves above this level, it will head towards the resistance which is located at $24.70.

On the support side, a move below the support at $23.70 will open the way to the test of the support at $23.50. A successful test of this level will push silver towards the support at the 20 EMA at $23.40. If silver declines below the 20 EMA, it will head towards the next support at the 50 EMA at $23.25.

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