Silver Is Under Some Pressure Ahead Of The Weekend

Silver ETF Pulls Back

SilverĀ is currently trying to settle below the support at the 50 EMA at $23.10 while U.S. dollar is mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near its 50 EMA at $21.35.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at the 96 level but lost momentum and pulled back towards the support at the 50 EMA at 95.75. In case the U.S. Dollar Index manages to settle below the 50 EMA, it will head towards the support level at 95.40 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold continues its attempts to settle above the $1830 level while SPDR Gold Trust is trading below the $171 level. In case gold manages to settle back above $1830, it will try to develop additional upside momentum and move closer to the next resistance at $1845 which will be bullish for silver.

Gold/silver ratio is testing the resistance level at 79.50. In case gold/silver ratio manages to settle above this level, it will move towards the next resistance at the 80 level which will be bearish for silver.

Technical Analysis

silver february 11 2022

Silver is testing the support level at the 50 EMA. In case silver manages to settle below this level, it will head towards the next support at $22.80.

A move below the support at $22.80 will open the way to the test of the support at $22.60. If silver declines below this level, it will head towards the support at $22.30.

On the upside, silver needs to stay above the 50 EMA to have a chance to gain upside momentum in the near term. The nearest resistance level is located at $23.20.

If silver climbs back above $23.20, it will gain additional upside momentum and head towards the resistance at $23.50. A successful test of this level will push silver towards the resistance level at $23.70.

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