Daily Silver Price Forecasts – Silver Gains Ground At The Beginning Of The Week

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FXEmpire.com –

Silver ETF rises as gold remains stuck in the $ 1,800- $ 1,815 range

Silver is currently trying to move above resistance at $ 22.90 as the US dollar gains ground against a large basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $ 21.20.

The US dollar index is currently stuck in the 96 – 96.25 range. If the US dollar index manages to stabilize below the support at the 96 level, it will gain bearish momentum and move to the support at 95.75 which will be bullish for silver and gold prices. today. A weaker dollar is bullish for precious metals because it makes them cheaper for buyers who have other currencies.

Gold has settled above the $ 1800 level and is trying to test the next resistance level which is at $ 1815 while SPDR Gold Trust tests the $ 169 level. A move above the resistance level at $ 1815 will push gold towards resistance at $ 1830 which will be bullish for silver.

The Gold / Silver Ratio has received support near 78.50 and is heading towards the 79 level. If the Gold / Silver Ratio moves above this level, it will head towards the resistance at 79.50 which will be bearish for the money.

Technical analysis

Silver is testing the resistance level at $ 22.90. If this test is successful, the silver will move to the next resistance which is located at the 50 EMA at $ 23.15.

A move above resistance at 50 EMA will pave the way for testing the next resistance at $ 23.50. If silver does manage to stabilize above $ 23.50, it will head towards resistance at $ 23.70.

On the support side, the closest support level for silver is near the 20 EMA at $ 22.75. If the silver settles below $ 22.75, it will move to the support at $ 22.60.

A successful test of the support at $ 22.60 will push the silver to the next support level at $ 22.30. If the silver drops below this level, it will move to the next support which is located at $ 22.10.

For an overview of all of today’s economic events, check out our economic calendar.

This article originally appeared on FX Empire

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