- Silver found itself under pressure after yesterday’s attempt to gain upside momentum.
- Gold/silver ratio is moving back towards the 80 level.
- A successful test of the support at $24.25 will push silver towards the next support at $23.90.
Silver ETF Is Losing Ground While Gold Stays Range-Bound
Silver is currently trying to settle below the support at $24.25, while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust has managed to get below the $22.50 level.
The U.S. Dollar Index is stuck near the support level at 99.45. If the U.S. Dollar Index declines below this level, it will move towards the next support at 99.20, which may provide some support to silver and gold price today.
Gold continues to trade in the range between the support at $1915 and the resistance at $1935, while SPDR Gold Shares ETF is trading near the $180 level. If gold manages to settle above $1935, it could quickly test the next resistance at $1950, which will be bullish for silver.
Gold/silver ratio managed to settle back above the 79 level and is trying to gain additional upside momentum. In case this attempt is successful, gold/silver ratio will move towards the resistance at 80, which will be bearish for silver.
Silver continues its attempts to settle below the support level at $24.25. RSI remains in the moderate territory, and there is enough room to gain additional downside momentum in case the right catalysts emerge.
If silver manages to settle below the support at $24.25, it will head towards the next support level at $23.90. A successful test of the support at $23.90 will push silver towards the support at $23.70.
On the upside, the nearest resistance level for silver is located at the 50 EMA at $24.70. If silver settles above the 50 EMA, it will head towards the next resistance level, which is located at $24.70.
A move above the resistance at $24.70 will lead to the test of the 20 EMA at $24.80. If silver manages to get above this level, it will head towards the next resistance at $25.10.
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