Silver

Silver Rebounds After Strong Sell-Off

Key Insights

  • Silver has found some support near the $23.50 level. 
  • Meanwhile, gold managed to get back above the $1900 level, which was bullish for silver. 
  • A successful test of the resistance at $23.70 will push silver towards the next resistance level at $24.00.

Silver ETF Tries To Gain More Ground

Silver  is currently trying to settle back above the resistance at $23.70, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust continues to trade below the $22.00 level.

The U.S. Dollar Index managed to get above the resitance at 101.90 and is trying to settle above the 102 level. In case this attempt is successful, the U.S. Dollar Index will move towards the next resistance level at 102.20, which will be bearish for silver and gold price today.

Gold  managed to get back above the $1900 level and is moving towards the resistance at $1915, while SPDR Gold Shares ETF moved back above the $178 level. In case gold gets above the resistance at $1915, it will head towards the next resistance at $1925, which will be bullish for silver.

Gold/silver ratio continues its attempts to settle above 80.50. In case gold/silver ratio manages to settle above this level, it will head towards the recent highs near 81.20, which will be bearish for silver.

Technical Analysis

silver april 26 2022

Silver is testing the resistance level at $23.70. In case silver manages to settle above this level, it will head towards the next resistance at $24.00.

A move above the resistance at $24.00 will push silver towards the resistance at $24.25. If silver climbs above this level, it will head towards the next resistance at $24.50.

On the support side, the nearest support level for silver is located at $23.50. If silver declines below the support at $23.50, it will head towards the next support level at $23.35.

A successful test of the support at $23.35 will push silver towards the next support level at $23.10. In case silver declines below this level, it will head towards the support at $22.90.

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