- Silver is moving higher, while gold is testing the resistance at $1935.
- The U.S. dollar is under strong pressure, which is bullish for precious metals.
- A successful test of the resistance at the 20 EMA will push silver towards the next resistance at $25.30.
Silver ETF Gains Ground At The Start Of The Trading Session
Silver is currently trying to settle back above the $25.00 level, while the U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get back above the $23.00 level.
The U.S. Dollar Index managed to settle below the support at the 98 level and is testing the next support level at 97.75. In case this test is successful, the U.S. Dollar Index will move towards the next support at the 50 EMA at 97.45, which will be bullish for silver and gold price today.
Gold settled above the $1915 level and is trying to settle above the next resistance at $1935, while SPDR Gold Shares ETF is testing the 20 EMA at $180.60. In case gold settles above the $1935 level, it will head towards the next resistance at $1950, which will be bullish for silver.
Gold/silver ratio settled above the 20 EMA at 77.30 and continues its attempts to settle above the 50 EMA at 77.70. If gold/silver ratio settles above the 50 EMA, it will head towards the 78 level, which will be bearish for silver.
Silver is testing the resistance at the 20 EMA at $25.05. In case this test is successful, silver will move towards the next resistance level, which is located at $25.30.
A move above the resistance at $25.30 will push silver towards the next resistance at $25.60. If silver climbs above this level, it will move towards the resistance at $25.80.
On the support side, the nearest support level for silver is located near today’s lows at $24.70. In case silver settles below this level, it will head towards the support at the 50 EMA at $24.50.
A successful test of the support at the 50 EMA will open the way to the support level at $24.25. If silver declines below the support at $24.25, it will head towards the next support at $24.00.
For a look at all of today’s economic events, check out our economic calendar.