Silver

Silver Stays Above $23 As Dollar Moves To New Lows

Silver ETF Stays Strong As Gold/Silver Ratio Falls

Silver is currently trying to settle above the resistance at $23.20 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the resistance at $21.50.

The U.S. Dollar Index settled below the support level at 95 and is currently trying to setlte below the next support at 94.75. In case the U.S. Dollar Index declines below this level, it will head towards the next support at 94.50 which will be bullish for silver and gold price today.

Gold made an attempt to get to the test of the resistance at $1830 but failed to develop sufficient upside momentum and pulled back towards $1815 while SPDR Gold Trust declined towards the $170 level. If gold settles below $1815, it will head back towards the $1800 level which will be bearish for silver.

Gold/silver ratio settled below the 79 level and is moving towards the 50 EMA at 78.30. A successful test of the 50 EMA will open the way to the 78 level which will be bullish for silver.

Technical Analysis

silver january 13 2022

Silver is currently testing the resistance level at $23.20. RSI is still in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge.

In case silver settles above $23.20, it will move towards the next resistance level at $23.50. A successful test of this level will open the way to the test of the resistance at $23.70. If silver manages to settle above this level, it will head towards the next resistance level which is located near $24.00.

On the support side, the nearest support level for silver is located at the 50 EMA at $23.00. If silver declines below this level, it will get to the test of the support at $22.90. A move below the support at $22.90 will open the way to the test of the support at the 20 EMA at $22.80.

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