Silver Tests Resistance At $23.20 While Gold Moves Towards $1830

Silver ETF Stays Near Weekly Highs

Silver is currently trying to settle above the resistance at $23.20 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust continues its attempts to settle above $21.50.

The U.S. Dollar Index is testing the support at 95.40. In case the U.S. Dollar Index manages to settle below this support level, it will head towards the next support 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 testing the resistance level at $1830 while SPDR Gold Trust  is moving towards the $171 level. In case gold manages to settle above $1830, it will head towards the next resistance level at $1845 which will be bullish for silver.

Gold/silver ratio tested the support at the 50 EMA at 78.45 but failed to develop sufficient downside momentum and rebounded towards the 20 EMA at 78.90. In case gold/silver ratio settles above the 20 EMA, it will gain upside momentum and head towards the resistance at 79.50 which will be bearish for silver.

Technical Analysis

Silver is testing the resistance level at $23.20. If this test is successful, silver will move towards the next resistance which is located at $23.50.

A move above $23.50 will push silver towards the resistance level at $23.70. In case silver manages to settle above $23.70, it will head towards the next resistance at $24.00.

On the support side, the nearest support level for silver is located at the 50 EMA at $23.10. If silver declines below this level, it will get to the test of the next support at the 20 EMA at $23.00.

A successful test of the support at the 20 EMA will open the way to the test of the support level at $22.80. A move below $22.80 will push silver towards the next support level which is located at $22.60.

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