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Key Insights
- Silver is losing ground as traders focus on the rebound of the U.S. dollar.
- Gold/silver ratio managed to settle back above the 77 level, which was bearish for silver.
- A move below the support at $25.00 will push silver towards the support level at $24.70.
Silver Is Moving Lower Ahead Of The Weekend
Silver is currently trying to settle below the support at $25.00, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near the 20 EMA at $23.10.
The U.S. Dollar Index gained strong upside momentum and is trying to settle above the resistance at 98.35. In case this attempt is successful, the U.S. Dollar Index will get to the test of the next resistance at 98.70, which will be bearish for silver and gold price today.
Gold continues its attempts to settle below the $1935 level , while SPDR Gold Shares ETF is trading near the $180 level. In case gold manages to settle below $1935, it will move towards the support level at $1915, which will be bearish for silver.
Gold/silver ratio has recently managed to get back above the 77 level and is trying to gain additional upside momentum. If gold/silver ratio settles above this level, it will move towards the 20 EMA at 77.45, which will be bearish for silver.
Technical Analysis
Silver is testing the support level at the 20 EMA at $25.00. In case silver manages to settle below this level, it will move towards the next support level, which is located at $24.70.
A successful test of the support at $24.70 will push silver towards the support at $24.50. In case silver declines below this level, it will move towards the 50 EMA at $24.30.
On the upside, the nearest resistance level for silver is located at $25.30. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.
If silver settles above the resistance at $25.30, it will head towards the next resistance level at $25.60. A move above $25.60 will push silver towards the resistance at $25.80.
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This article was originally posted on FX Empire
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