Silver

Silver Moves Back Above $24.20

Key Insights

  • Silver’s upside trend remains strong
  • Gold continues to trade near the $1900 level, which is bullish for silver
  • Silver has a good chance to test the next resistance level at $24.50

Silver ETF Stays Strong In Premarket Trading

Silver continues its attempts to settle above the resistance at $24.20 while U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get above $22.40 in premarket rading

The U.S. Dollar Index managed to settle below the support at the 96 level and is trying to settle below the 50 EMA at 95.85. In case this attempt is successful, the U.S. Dollar Index will move towards 95.75, which will be bullish for silver and gold price today.

Gold is still trying to settle above the resistance at $1900 while SPDR Gold Trust is trading near the $177 level in premarket trading. If gold manages to get back above $1900, it will move towards the resistance at $1915 which will be bullish for silver.

Gold/silver ratio is testing the support at the 50 EMA at 78.65. If gold/silver ratio settles below this level, it will head towards the support at the 78 level, which will be bullish for silver.

Technical Analysis

silver february 23 2022

Silver is once again testing the resistance level at $24.20. If silver manages to settle above this level, it will head towards the next resistance level, which is located at $24.50.

A successful test of the resistance at $24.50 will push silver towards the resistance at $24.70. In case silver gets above this level, it will head towards the next resistance level at $25.00.

On the support side, the nearest support level for silver is located at $24.00. A move below the support at $24.00 will push silver towards the next support at $23.70. A move below $23.70 will open the way to the test of the support at the 20 EMA at $23.55.

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