Silver Tests Resistance At $23.50

Silver ETF Rallies As Gold/Silver Ratio Declines

Silver is currently trying to settle above the resistance at $23.50 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $21.60.

The U.S. Dollar Index is testing the resistance at the 50 EMA at 95.55. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at the 20 EMA at 95.70 which may be bearish for silver and gold price today.

Gold is currently trying to settle below the support at $1815 while SPDR Gold Trust is trying to get below $169.50. If gold settles below $1815, it will head towards the next support at $1800 which will be bearish for silver.

Gold/silver ratio gained strong downside momentum after it managed to settle below the 50 EMA at 78.35. Currently, gold/silver ratio is trying to settle below 77.50. In case this attempt is successful, gold/silver ratio will move towards the 77 level which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $23.20 and is testing the next resistance level at $23.50. In case this test is successful, silver will move towards the resistance at $23.70. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the resistance at $23.70 will open the way to the test of the resistance at $24.00. If silver gets above this level, it will head towards the next resistance at $24.20.

On the support side, the previous resistance at $23.20 will serve as the first support level for silver. If silver settles below this level, it will move towards the next support which is located near the 50 EMA at $23.00.

A successful test of the support at $23.00 will lead to a test of the next support level near the 20 EMA at $22.90. If silver declines below this level, it will head towards the next support level at $22.75.

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