Daily Silver Price Forecasts – Silver Rises As Gold Heads Towards $ 1,830

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FXEmpire.com –

Silver ETF gains traction in final trading session of the year

Silver is currently trying to move above the 50 EMA at $ 23.15 as the US dollar loses ground against a large basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $ 21.50.

The US dollar index has managed to settle below the support level at 96 and is trying to test the support at 95.75. If the US dollar index drops below 95.75 it will head towards the 50 EMA at 95.55 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 managed to break through resistance at $ 1815 and is trying to test the next resistance at $ 1830 as SPDR Gold Trust tries to move above $ 170.50. If gold breaks above $ 1,830, it will gain additional bullish momentum and head to the next resistance level at $ 1,845 which will be bullish for silver.

The gold / silver ratio continues its attempts to settle below support at 78.50. A move below this level will push the Gold / Silver ratio towards the 50 EMA near 77.80, which will be bullish for the silver.

Technical analysis

Silver is testing resistance at the 50 EMA at $ 23.15. If the silver moves above this level, it will head to the next resistance at $ 23.50.

A move above the resistance at $ 23.50 will pave the way for the test of the resistance at $ 23.70. If silver breaks above this level, it will head towards resistance at $ 23.90.

On the support side, the closest support level for silver is at $ 22.90. If the silver manages to get back below that level, it will head to the next support level at $ 22.75. A move below this support level will push silver towards support at $ 22.60.

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This article originally appeared on FX Empire

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