Silver Moves Lower Ahead Of The Weekend
Silver is currently trying to settle below $25.30 while the U.S. dollar is mostly flat against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle above the 93 level but lost momentum and pulled back. The nearest support level for the U.S. Dollar Index is located at 92.80. In case the U.S. Dollar Index declines below this level, it will move towards the support at the 20 EMA at 92.40 which will be bullish for silver and gold price today.
Meanwhile, gold remains stuck near the $1800 level. Gold has already made several attempts to settle below this level, but these attempts yielded no results. The nearest significant resistance level for gold is located at the 50 EMA at $1815. If gold manages to settle above this level, it will move towards recent highs at $1835 which will be bullish for silver and other precious metals.
Gold/silver ratio found support at the 71 level and is trying to get above 71.50. In case this attempt is successful, it will move towards the 72 level which will be bearish for silver.
Silver failed to settle above the resistance at $25.50 and pulled back below $25.30. The nearest support level for silver is located at $25.00.
In case silver manages to settle below the support at $25.00, it will head towards the next support level at $24.70. A move below this support level will open the way to the test of the next support at $24.50.
On the upside, silver needs to get back above $25.30 to have a chance to get to another test of the resistance level at $25.50. In case silver gets above $25.50, it will move towards the next resistance which is located at the 20 EMA at $25.80. A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance level at the 50 EMA at $26.30.
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