- Silver is moving higher, while gold is under pressure.
- Gold/silver ratio moved towards the 80 level, which was bullish for silver.
- A move above $23.70 will push silver towards the resistance at $24.00.
Silver ETF Gains Ground At The Start Of The Trading Session
Silver continues its attempts to settle above the resistance at $23.70, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near $21.80.
The U.S. Dollar Index settled above the resistance at 102.75 and is testing the next resistance level at 103. In case the U.S. Dollar Index manages to settle above this level, it will head towards the next resistance at 103.25, which may put some pressure on silver and gold price today.
Gold failed to settle above the $1900 level and moved lower, while SPDR Gold Shares ETF declined towards $176.50. The nearest support level for gold is located at $1890. In case gold declines below this level, it will head towards the next support at $1880, which will be bearish for silver.
Gold/silver ratio faced strong resistance near the 81 level and declined towards the support at 80. In case gold/silver ratio settles below this level, it will head towards the next support level at 79.60, which will be bullish for silver.
Silver is currently trying to settle above the resistance level at $23.70. A move above this level will push silver towards the next resistance at $24.00.
In case silver climbs above the resistance at $24.00, it will head towards the resistance level at $24.25. A successful test of this level will open the way to the test of the resistance at $24.50.
On the support side, silver needs to settle below the nearest support at $23.50 to continue its pullback. The next support level for silver is located at the recent lows at $23.25.
A move below the support at $23.25 will push silver towards the support at $23.10. If silver manages to settle below this level, it will head towards the next support level at $22.90.
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