- Silver gains ground amid broad commodity rally.
- Stronger dollar does not put any pressure on precious metals as demand for safe-haven assets increases.
- A move above $25.00 will push silver towards the resistance at $25.30.
Silver ETF Rallies At The Start Of The Trading Session
The U.S. Dollar Index has recently managed to get back above the resistance at 98.70 and is moving towards the next resistance level at 99. A move above 99 will open the way to the test of the resistance at 99.20, which may be bearish for silver and gold price today. However, it should be noted that demand for precious metals will likely depend on the demand for safe-haven assets rather than the fluctuations of the American currency.
Gold failed to settle below the support at $1915 and rebounded towards the 20 EMA at $1935, while SPDR Gold Shares ETF tested the 20 EMA at $180.45. In case gold settles above the resistance at $1935, it will head towards the next resistance level at $1950, which will be bullish for silver.
Gold/silver ratio declined back below the 20 EMA at 77.35 and is testing the 77 level. In case gold/silver ratio settles below this level, it will move towards the suport at 76.50, which will be bullish for silver.
Silver is testing the resistance at $25.00. In case this test is successful, it will head towards the next resistance at $25.30.
If silver manages to settle above the resistance at $25.30, it will head towards the resistance at $25.60. A move above this level will push silver towards the resistance at $25.80.
On the support side, the nearest support level for silver is located at $24.70. In case silver declines below this level, it will head towards the next support level, which is located at $24.50. A successful test of this level will lead to the test of the support at the 50 EMA at $24.40.
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