Silver Tests Resistance At $24.00

Silver ETF Continues To Gain Ground Ahead Of The Weekend

Silver is currently trying to settle above the $24.00 level while U.S. dollar is gaining some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $22.20 in premarket trading.

The U.S. Dollar Index moved back above the 50 EMA at 95.80 and is trying to develop additional upside momentum. In case this attempt is successful, it will head towards the resistance at 96 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Gold is testing the key resistance level at $1900 amid geopolitical tensions while SPDR Gold Trust is trying to get to the test of the $177.50 level. In case gold settles above $1900, it will move towards the resistance level at $1915 which will be bullish for silver.

Gold/silver ratio is testing the support level at the 20 EMA at 78.95. In case gold/silver ratio declines below this level, it will move towards the next support at the 50 EMA at 78.60 which will be bullish for silver.

Technical Analysis

Silver settled above the resistance level at $23.70 and is testing the next resistance level at $24.00. In case silver manages to settle above this level, it will head towards the next resistance level at $24.20.

A successful test of the resistance at $24.20 will push silver towards the next resistance level at $24.50. If silver gets above $24.50, it will move towards the resistance which is located at the yearly highs at $24.70.

On the support side, the previous resistance at $23.70 will serve as the first support level for silver. If silver gets below this level, it will move towards the next support at $23.50. A move below the support at $23.50 will push silver towards the next support level which is located at the 20 EMA at $23.35.

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