- Silver gained upside momentum as gold moved back to the $1900 level.
- The rising gold/silver ratio remains an important bearish catalyst for silver.
- A move above $23.10 will push silver towards the resistance at $23.25.
Silver ETF Continues To Rebound
Silver is currently trying to settle above the resistance at $23.10, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust continues to trade above the $21 level.
Yesterday’s pullback was short-lived, and the U.S. Dollar Index returned to the resistance at 103.25. If the U.S. Dollar Index settles above this level, it will head towards the next resistance at 103.60, which will be bearish for silver and gold price today.
Gold is testing the resistance level at $1900, while SPDR Gold Shares ETF moved towards the $177 level. If gold settles above $1900, it will head towards the next resistance at the 50 EMA at $1915, which will be bullish for silver.
Gold/silver ratio found support near the 82 level and rebounded towards 82.50. A move above this level will open the way to the test of the 83 level, which will be bearish for silver.
Silver is testing the resistance level at $23.10. If silver settles above this level, it will get to another test of the resistance at $23.25.
A move above the resistance at $23.25 will push silver towards the resistance at $23.50. In case silver climbs above $23.50, it will head towards the resistance at $23.70.
On the support side, the nearest support level for silver is located at $22.90. In case silver manages to settle below this support level, it will head towards the next support at $22.70.
RSI has recently moved out of the oversold territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge. If silver settles below $22.70, it will head towards the support level at $22.50.
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