Silver ETF Gains Some Strength Ahead of Weekend
Silver is trying to stabilize above the resistance at $23.90 while the US dollar is gaining strength against a wide basket of currencies. Meanwhile, the iShares Silver Trust is trying to stay above the $22.20 level.
The US Dollar Index is testing resistance at the yearly highs of 94.50. If the US dollar index settles above this level, it will head towards the resistance at 94.75 which will be bearish for the silver and gold price today.
Gold recently attempted to surpass the $1800 level but failed to develop enough bullish momentum. SPDR Gold Trust attempted to stabilize above $168.40 but also met resistance. In the event that gold can stabilize above the $1800 level, it will head towards $1815 which will be bullish for silver.
The gold/silver ratio is currently testing the 50 EMA resistance at 75.40. If the gold / silver ratio stabilizes above this level, it will gain additional bullish momentum and head towards the 76 level which will be bearish for silver.
Silver continues its attempts to stabilize above the resistance level at $23.90. In case silver manages to stabilize above this level, it will head towards the resistance at $24.20. The RSI is in the moderate zone, and there is plenty of room to gain momentum should the right catalysts emerge.
If silver stabilizes above $24.20, it will move towards the resistance level at $24.50. A successful test of the resistance at $24.50 will push silver towards the resistance at $24.80.
On the support side, silver needs to stabilize again below $23.90 for a chance to develop bearish momentum in the near term. Silver’s next support level is located at the 50 EMA at $23.65. If silver falls below this level, it will head towards the support at $23.50. A successful test of the $23.50 support will open the way for a test of the $23.20 support.
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