- Silver is moving lower as the U.S. dollar rallies against a broad basket of currencies.
- Meanwhile, gold is trying to settle below the 20 EMA near $1935.
- A successful test of the support at $25.00 will push silver towards the next support level at $24.70.
Silver ETF Is Losing Ground At The Start Of The Week
Silver is currently trying to settle below the support level at $25.00, while the U.S. dolalr is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get below the $23 level.
The U.S. Dollar Index managed to get above the resistance at 99.20 and is trying to get to the test of the next resistance level at 99.45. A move above the resistance at 99.45 will open the way to the test of the next resistance at 99.75, which will be bearish for silver and gold price today.
Gold continues its attempts to settle below the support at the 20 EMA near $1935, while SPDR Gold Shares ETF is trading near $180.50. In case gold settles back below the 20 EMA, it will gain additional downside momentum and move towards the support at $1915, which will be bearish for silver.
Gold/silver ratio settled above the 77 level and is testing the resistance at the 20 EMA at 77.25. If gold/silver ratio manages to settle above this level, it will head towards the next resistance at the 50 EMA at 77.70, which will be bearish for silver.
Silver is testing the support level at $25.00. In case this test is successful, silver will move towards the next support level, which is located at $24.70.
A successful test of the support at $24.70 will open the way to the test of the next support at $24.50. In case silver declines below this level, it will head towards the support at $24.25.
On the upside, silver needs to settle back above the 20 EMA at $25.10 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.30.
If silver manages to settle above the resistance at $25.30, it will head towards the next resistance level at $25.60. A move above this level will push silver towards the resistance at $25.80.
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