- Gold is gaining some ground, but this move does not provide any support to silver as gold/silver ratio tests yearly highs.
- Demand for the U.S. dollar remains strong, which is bearish for silver.
- A move below $23.10 will push silver towards the support level at $22.90.
Silver ETF Is Under Pressure As Gold/Silver Ratio Moves To New Highs
Silver is currently trying to settle below the support level at $23.10, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near $21.30.
The U.S. Dollar Index is currently trying to settle above the resistance at 103.80. In case this attempt is successful, the U.S. Dollar Index will move towards the 104 level, which will be bearish for silver and gold price today.
Gold is trying to settle back above the resistance level at $1890, while SPDR Gold Shares ETF is testing the $176.50 level. In case gold settles above the $1890 level, it will head towards the resistance at $1900, which will be bullish for silver.
Gold/silver ratio settled above recent highs at 81.20 and is trying to settle above the 82 level. A move above this level will open the way to the test of the resistance at 82.50, which will be bearish for silver.
Silver is testing the support at $23.10. In case this test is successful, silver will move towards the next support level, which is located at $22.90.
A move below the support at $22.90 will push silver towards the next support level at $22.70. If silver declines below this level, it will head towards the next support at $22.50.
On the upside, the previous support at $23.25 will serve as the first resistance level for silver. If silver manages to settle back above this level, it will head towards the next resistance at $23.50. A successful test of the resistance at $23.50 will open the way to the test of the next resistance at $23.70.
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