- Silver gains ground despite stronger dollar.
- Meanwhile, gold managed to get above the resistance at $1935.
- Silver needs to settle above the 20 EMA to gain additional upside momentum.
Silver ETF Continues To Rebound
Silver is trying to settle above the resistance at the 20 EMA at $25.05, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust has managed to get above its 20 EMA at $23.10.
The U.S. Dollar Index managed to settle back above the 98 level and is testing the resistance at 98.35. If this test is successful, the U.S. Dollar Index will move towards the resistance at 98.70, which may be bearish for silver and gold price today. However, it remains to be seen whether stronger dollar will be bearish for precious metals today as demand for safe-haven assets is increasing.
Gold moved above the resistance at $1935 and is heading towards the next resistance level at $1950, while SPDR Gold Shares ETF is trying to settle above the $181 level. If gold gets to the test of the resistance at $1950, silver will get more support.
Gold/silver ratio failed to settle above the 50 EMA at 77.70 and declined towards the 20 EMA at 77.30. In case gold/silver ratio settles below this level, it will head towards the 77 level, which will be bullish for silver.
Silver failed to settle below the support at $24.70 and returned to the resistance level at the 20 EMA at $25.05. If silver manages to settle above this level, it will move towards the resistance at $25.30.
A successful test of the resistance at $25.30 will open the way to the test of the next resistance level at $25.60. In case silver gets above this level, it will move towards the resistance at $25.80.
On the support side, silver needs to settle below the support at $24.70 to have a chance to gain downside momentum in the near term. The next support level for silver is located at the 50 EMA at $24.55. If silver declines below this level, it will head towards the support level at $24.25.
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