Silver ETF bounces back from yesterday’s pullback
Silver recently attempted to move above the resistance of the 50 EMA at $ 23.15 as the US dollar gained ground against a large basket of currencies. Meanwhile, iShares Silver Trust attempted to overtake the 50 MOTHER near $ 21.40.
The US dollar index failed to move above the resistance at 96.25 and retreated to the 96 level. If the US dollar index falls below this level, it is will move to the support at 95.75 which will be bullish for silver and gold prices today.
Gold returned above the $ 1,800 level while SPDR Gold Trust managed to move above $ 168.50. The next level of resistance for gold is at $ 1,815. If gold moves above this level, it will head towards resistance at $ 1,830 which will be bullish for silver.
The gold / silver ratio has moved back below the 20 EMA at 78.90 and is currently trying to settle below 78.50. If this attempt is successful the gold / silver ratio will head towards the 50 EMA at 77.80 which will be bullish for the silver.
Silver has managed to get back above resistance at $ 22.90 and is testing the 50 EMA at $ 23.15. If this test is successful, the silver will gain additional bullish momentum and move to the next resistance level at $ 23.50.
A successful test of resistance at $ 23.50 will push silver towards the next resistance at $ 23.70. If silver does manage to settle above that level, it will head towards the resistance level at $ 23.90.
On the support side, the previous resistance at $ 22.90 will serve as the first level of support for the silver. If the silver goes below this level, it will head to the support near the 20 EMA at $ 22.75.
A successful test of the support at $ 22.75 will pave the way for the test of the next support at $ 22.60. If the silver drops below $ 22.60, it will move to the support level at $ 22.30.
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This article originally appeared on FX Empire
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