Silver Tests Resistance At $22.95

Silver ETF Rallies At The Start Of The Week

Silver is currently trying to settle above the resistance at the 20 EMA at $22.95 while U.S. dollar is mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust made an attempt to get above its 20 EMA at $21.20.

The U.S. Dollar Index failed to settle above 95.50 and pulled back towards the nearest support level at 95.40. In case the U.S. Dollar Index manages to settle below this level, it will move towards the next support level at 95.20 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 $1815 while SPDR Gold Trust is trying to get above the $169.50 level. In case gold settles above $1815, it will gain additional upside momentum and head towards the resistance level at $1830 which will be bullish for silver.

Gold/silver ratio pulled back below the 80 level and is trying to settle below 79.50. In case this attempt is successful, gold/silver ratio will head towards the 20 EMA at 78.95 which will be bullish for silver.

Technical Analysis

Silver is testing the nearest resistance level at the 20 EMA at $22.95. If silver manages to settle above this level, it will move towards the 50 EMA which is located near $23.05.

A move above the resistance at the 50 EMA will open the way to the test of the resistance at $23.20. If silver gets above this level, it will continue its upside move and head towards the resistance at $23.50.

On the support side, the previous resistance at $22.80 will serve as the first support level for silver. A move below this level will push silver towards the next support at $22.60. In case silver manages to settle below the support at $22.60, it will head towards the support level which is located at $22.30.

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