Money bounces back from a strong sell-off
Silver is currently trying to settle above resistance at $ 21.90 while the US Dollar is stable against a large basket of currencies.
The US dollar index failed to break below the support level at 94.20 and rebounded towards 94.40. In the event that the US dollar index manages to stabilize above this level, it will gain additional bullish momentum and move to the resistance at 94.60 which will be bearish for silver and silver prices. gold today. A stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Meanwhile, gold has received support at $ 1720 and is heading towards resistance at $ 1750. If gold manages to stabilize above this level, it will head towards the 20 EMA at $ 1,765 which will be bullish for silver.
The Gold / Silver ratio faced resistance near 80.50 and fell back below the 80 level. In case the Gold / Silver ratio moved below the nearest support level at 79.40, it will move to level 79 which will be bullish for the money.
Silver has failed to settle below the support at $ 21.65 and is trying to break above the resistance level at $ 21.90. If this attempt is successful, the silver will head to the next resistance which is located at $ 22.10.
A move above resistance at $ 22.10 will push silver towards resistance at $ 22.30. If silver breaks above that level, it will continue its rebound and head towards the resistance level at $ 22.60.
On the support side, the silver needs to move back below the support at $ 21.65 for any chance of gaining ground in the near term. The RSI has recently returned to moderate territory, so there is plenty of room to gain further bearish momentum in case the right catalysts emerge.
If the silver drops below $ 21.65, it will move to the support at $ 21.30. A successful test of this level will pave the way for testing the next support at $ 20.90.
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