Silver

Silver Tests Resistance At $23.10

Silver ETF Tries To Gain More Ground

Silver is currently trying to settle above the 50 EMA at $23.10 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get above its 50 EMA near $21.35.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at the 50 EMA at 95.75 but failed to develop sufficient upside momentum and pulled back. In case the U.S. Dollar Index manages to settle above this level, it will head towards the next resistance at the 20 EMA at 95.90 which will be bearish for silver and gold price today.

Gold managed to settle above the resistance at $1815 and is moving towards the next resistance level at $1830 while SPDR Gold Trust is testing the $170 level. In case gold gets to the test of the resistance at $1830, silver will get more support.

Gold/silver ratio made an attempt to settle above 79.50 but lost momentum and pulled back towards the 79 level. In case gold/silver ratio declines below the 20 EMA which is located near the 79 level, it will gain additional downside momentum and move towards the 50 EMA at 78.45 which will be bullish for silver.

Technical Analysis

silver february 8 2022

Silver is testing the resistance at the 50 EMA at $23.10. If silver gets above the 50 EMA, it will head towards the next resistance level which is located at $23.20.

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

On the support side, the previous resistance at the 20 EMA near $23.00 will serve as the first support level for silver. A move below the 20 EMA will push silver towards the support level at $22.80. If silver declines below this level, it will head towards the next support level at $22.60.

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