Silver Rallies As Gold Moves Towards $2000

Key Insights

• Gold tries to settle above the $2000 level, providing support to silver. 
• Meanwhile, gold/silver ratio declines towards 76.50, which is bullish for silver. 
• A move above $26.15 will push silver towards the resistance at $26.50.

Silver Enjoys Strong Support At The Start Of The Week

Silver  is currently trying to settle above the resistance at $26.15, while the U.S. dollar is mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust has managed to get above the $24.00 level.

The U.S. Dollar Index has recently made an attempt to get above the resistance at 100.85 but lost momentum and pulled back towards the support level at 100.50. In case the U.S. Dollar Index declines below this level, it will move towards the next support at 100.30, which will be bullish for silver and gold price today.

Gold settled above the resistance at $1975 and made an attempt to settle above the next resistance level at $2000, while SPDR Gold Shares ETF  moved towards the $186 level. In case gold settles above $2000, it will head towards the resistance at $2020, which will be bullish for silver.

Gold/silver ratio settled below the 77 level and is currently trying to settle below 76.50. In case gold/silver ratio settles below this level, it will move towards the support near the 76 level, which will be bullish for silver.

Technical Analysis

Silver is testing the resistance level at $26.15. In case silver manages to settle above this level, it will move towards the next resistance at $26.50.

A move above the resistance at $26.50 will push silver towards the resistance at $26.75. If silver gets above $26.75, it will move towards the next resistance level, which is located at $27.00.

On the support side, the previous resistance at $26.00 will serve as the first support level for silver. If silver declines below this level, it will move towards the next support at $25.80.

A successful test of the support at $25.80 will open the way to the test of the support at $25.60. In case silver settles below this level, it will head towards the support at $25.30.

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