Silver

Silver Rallies While Gold Gets To $1865

Silver ETF Gains Ground At The Start Of The Week

Silver is currently trying to get above the resistance at $24.00 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above the $22.00 level.

The U.S. Dollar Index managed to settle above the 96 level and is testing the next resistance level which is located at 96.25. A move above this level will open the way to the test of the resistance at 96.50 which may be bearish for silver and gold price today, although it should be noted that precious metals have ignored stronger dollar during the current trading session.

Gold is moving towards the resistance level at $1875 while SPDR Gold Trust has managed to get above the $174 level. In case gold manages to settle above $1875, it will gain additional upside momentum and head towards the $1900 level which will be bullish for silver.

Gold/silver ratio managed to get below the 50 EMA at 78.45 and is trying to settle below the 78 level. A move below this level will push gold/silver ratio towards the support at the recent lows at 77.75 which will be bullish for silver.

Technical Analysis

silver february 14 2022

Silver managed to get above the resistance at $23.70 and is trying to get to the test of the next resistance level at $24.00. In case silver manages to settle above $24.00, it will move towards the next resistance at $24.25.

A successful test of the resistance at $24.25 will open the way to the test of the resistance at $24.50. If silver settles above this level, it will head towards the next resistance level at $24.70.

On the support side, the previous resistance at $23.70 will serve as the first support level for silver. If silver declines below this level, it will move towards the next support at $23.50. A successful test of the support at $23.50 will open the way to the test of the support at $23.20.

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