Silver Retreats As Gold Tests The $1900 Level

Key Insights

• Gold is trying to settle below the psychologically important support level at $1900, which is bearish for silver. 
• Gold/silver ratio made an attempt to settle above the 81 level. 
• A successful test of the support at $23.50 will push silver towards the next support level at $23.35.

Silver ETF Is Losing Ground At The Start Of The Week

Silver is currently trying to settle below the the support at $23.50, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust  is trying to settle below $21.75.

The U.S. Dollar Index is trying to get above the resistance level at 101.75. In case this attempt is successful, the U.S. Dollar Index will move towards the next resistance level at 101.90, which will be bearish for silver and gold price today.

Gold settled below the support level at $1915 and is testing the next support at $1900, while SPDR Gold Shares ETF declined towards the $177 level. In case gold manages to settle below $1900, it will get to the test of the next support level at $1890, which will be bearish for silver.

Gold/silver ratio has recently made an atempt to settle above the 81 level but lost momentum and declined towards 80.50. If gold/silver ratio settles above 81, it will head towards the resistance at 81.35, which will be bearish for silver.

Technical Analysis

Silver is testing the support level at $23.50. In case this test is successful, silver will move towards the next support, which is located at $23.35.

A move below the support at $23.35 will open the way to the test of the support at $23.10. In case silver manages to settle below this level, it will head towards the next support level at $22.90.

On the upside, the previous support level at $23.70 will serve as the first resistance level for silver. If silver manages to settle above this level, it will head towards the resistance at $24.00. A successful test of the resistance at $24.00 will push silver towards the next resistance at $24.25.

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