Silver Rallies While Gold Moves Above $1830

Silver ETF Gains Ground As Gold/Silver Ratio Moves To New Lows

Silver is trying to settle above the $24 level while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get above $22.20.

The U.S. Dollar Index is currently testing the support level at the 50 EMA near 95.55. In case this test is successful, the U.S. Dollar Index will move towards the next support at 95.40 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold is currently testing the resistance level at $1830 while SPDR Gold Trust is trying to settle above $171.50. In case gold manages to settle above $1830, it will move towards the next resistance at $1845 which will be bullish for silver.

Gold/silver ratio continues to move lower at a fast pace. It has recently managed to settle below the 77 level and is testing the support at 76.50. In case this test is successful, gold/silver ratio will move towards the 76 level which will be bullish for silver.

Technical Analysis

Silver is currently testing the resistance level at $24.00. In case silver manages to settle above this level, it will move towards the next resistance at $24.25. RSI remains in the moderate territory, so there is enough room to gain upside momentum in case the right catalysts emerge.

A successful test of the resistance at $24.25 will push silver towards the resistance at $24.50. If silver gets above $24.50, it will head towards the next resistance level at $24.80.

On the support side, the previous resistance level at $23.70 will serve as the first support level for silver. If silver declines below this level, it will move towards the next support at $23.50. A successful test of the support at $23.50 will push silver towards the support level which is located at $23.20.

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