Silver ETF Remains Volatile
Silver has recently made another attempt to settle below the support level at $22.30 but failed to develop sufficient downside momentum while U.S. dollar gained some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near the $20.80 level.
The U.S. Dollar Index received support near 95.25 and moved back above the resistance level at 95.40. In case the U.S. Dollar Index manages to settle above this level, it will head towards the next resistance near the 50 EMA at 95.75 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 tested the resistance at $1815 but lost momentum and declined towards the $1800 level while SPDR Gold Trust traded close to the $168.50 level. If gold settles below the support level at $1800, it will move towards the next support level at $1785 which will be bearish for silver.
Gold/silver ratio faced resistance near the 81 level and pulled back towards 80.50. A move below this level will open the way to the test of the 80 level which will be bullish for silver.
Silver is currently moving towards the resistance level at $22.60. In case silver manages to settle above this level, it will head towards the resistance at $22.80.
A move above $22.80 will open the way to the test of the next resistance level which is located at the 20 EMA at $22.95. If silver climbs above the 20 EMA, it will head towards the next resistance at the 50 EMA at $23.10.
On the support side, the nearest support level for silver is located at $22.30. If silver declines below this level, it will move towards the next support level at $22.10.
A successful test of the support at $22.10 will push silver towards the support at $21.90. In case silver gets below the support at $21.90, it will head towards the next support level which is located at $21.70.
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