- Silver remains under pressure ahead of the Fed Interest Rate Decision.
- Gold/silver ratio is trying to get to the test of the 84 level, which is bearish for silver.
- A successful test of the support at $22.50 will push silver towards the next support level at $22.10.
Silver ETF Is Losing Ground At The Start Of The Trading Session
Silver continues its attempts to settle below the support at $22.50, while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $20.50.
The U.S. Dollar Index is testing the support level at 103.25. In case the U.S. Dollar Index manages to settle below this level, it will head towards the support at 103, which may provide some support to silver and gold price today.
Gold is trading near the $1870 level as traders wait for the Fed Interest Rate Decision, while SPDR Gold Shares ETF is moving towards $174.50. The nearest resistance level for gold is located at $1880. In case gold gets to the test of this level, silver will get more support.
Gold/silver ratio has recently made another attempt to settle above the resistance at 83.50 but failed to develop sufficient upside momentum and pulled back. In case gold/silver ratio settles above this level, it will head towards the 84 level, which will be bearish for silver.
Silver is testing the support level at $22.50. In case silver manages to settle below this level, it will head towards the next support, which is located at $22.10.
A move below the support at $22.10 will push silver towards the support level at $21.90. If silver declines below this level, it will head towards the support at $21.70.
On the upside, a move above $22.50 will push silver towards the resistance at $22.70. If silver settles above $22.70, it will head towards the next resistance level at $22.90. A successful test of this level will push silver towards the resistance at $23.10.
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