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Silver Trying To Settle Above The Resistance At $23.90

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EDITOR'S NOTE: Good news for silver investors as the precious metal, which usually moves counter to the U.S. dollar, “is trying to settle above the resistance at $23.90 while the U.S. dollar is gaining ground against a broad basket of currencies,” per FX Empire. Gold is knocking on the same door (trying to settle above $1,800 an ounce), but silver seems like it might be the precious metal to do it first. If silver can hit that number, it should signify a bull market, and the prices could rise significantly from there if history is a guide. 

Silver continues to test the resistance level at $23.90.

Silver ETF Gains Some Ground Ahead Of The Weekend

Silver is trying to settle above the resistance at $23.90 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to stay above the $22.20 level.

The U.S. Dollar Index is testing the resistance level at the yearly highs at 94.50. If the U.S. Dollar Index settles above this level, it will move towards the resistance level at 94.75 which will be bearish for silver and gold price today.

Gold has recently made an attempt to get above the $1800 level but failed to develop sufficient upside momentum. SPDR Gold Trust tried to settle above $168.40 but also faced resistance. In case gold manages to settle above the $1800 level, it will head towards $1815 which will be bullish for silver.

Gold/silver ratio is currently testing the resistance at the 50 EMA at 75.40. If gold/silver ratio settles above this level, it will gain additional upside momentum and head towards the 76 level which will be bearish for silver.

Technical Analysis

 

silver resistance level
Photo: FX Empire

 

Silver continues its attempts to settle above the resistance level at $23.90. In case silver manages to settle above this level, it will head towards the resistance at $24.20. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

If silver settles 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 settle back below $23.90 to have a chance to develop downside momentum in the near term. The next support level for silver is located at the 50 EMA at $23.65. If silver declines below this level, it will move towards the support at $23.50. A successful test of the support at $23.50 will open the way to the test of the support at $23.20.

For a look at all of today’s economic events, check out our economic calendar.

Originally posted on FX Empire.

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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