Silver Gains Ground Ahead Of Fed Interest Rate Decision
Silver is currently trying to settle above the resistance at $22.90 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index is currently trying to settle below the support level at 93.10. If the U.S. Dollar Index manages to settle below this level, it will head towards the support at 92.80 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. However, it remains to be seen whether U.S. dollar will be able to gain additional momentum ahead of the Fed Interest Rate Decision.
Meanwhile, gold remains stuck near the resistance at $1775. A move above this level will push gold towards the resistance at $1800 which will be bullish for silver.
Gold/silver ratio gained strong downside momentum today and managed to get below the 78 level. Currently, gold/silver ratio is trying to settle below the support at 77.65. In case this attempt is successful, gold/silver ratio will move towards the 77 level which will be bullish for silver.
Silver managed to settle above the resistance at $22.60 and is testing the next resistance level which is located at $22.90. In case this test is successful, it will move towards the resistance at $23.20.
A successful test of the resistance at $23.20 will open the way to the test of the next resistance which is located at the 20 EMA at $23.45. If silver manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the resistance at $23.80.
On the support side, the previous resistance at $22.60 will serve as the first support level for silver. A move below this level will push silver towards the support at $22.30. If silver manages to get below $22.30, it will head towards the next support level at $22.10.
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