Silver

Silver Tests Support At $22.60

Silver ETF Pulls Back While Gold Remains Stuck Near The $1800 Level

SilverĀ is currently trying to settle back below the support at $22.60 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the support at $20.80.

The U.S. Dollar Index managed to settle below the support at 96.25 and is trying to settle below the next support level which is located at 96. In case this attempt is successful, the U.S. Dollar Index will get to the test of the next support at 95.75 which will be bullish for silver and gold price today.

Gold has recently made an attempt to settle below the $1800 level but failed to develop sufficient upside momentum while SPDR Gold Trust moved closer to the $168 level. If gold manages to stay above $1800, it will move towards the nearest resistance level at $1815 which will be bullish for silver.

Gold/silver ratio has recently climbed back above the 80 level. If gold/silver ratio manages to settle above this level, it will head towards the recent highs near 80.40 which will be bearish for silver.

Technical Analysis

silver february 2 2022

Silver is testing the support level at $22.60. In case this test is successful, silver will move towards the next support level which is located at $22.30.

A move below the support at $22.30 will push silver towards the next support near the recent lows at $22.10. If silver declines below this level, it will head towards the support at $21.90.

On the upside, the nearest resistance level for silver is located at $22.80. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

If silver settles back above the resistance at $22.80, it will move towards the 20 EMA at $23.10. The 50 EMA is located in the nearby, while the next resistance level is at $23.20, so silver should face strong resistance in the $23.10 – $23.20 area. A move above this area will open the way to the test of the next resistance level at $23.50.

For a look at all of today’s economic events, check out our economic calendar.