Silver price has recently made another attempt to settle above the resistance at $22.60 while U.S. Dollar was mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust ETF moved closer to the 20 EMA at $20.95.
Silver Price Resistance At $22.60
The U.S. Dollar Index continues its attempts to settle back above the resistance level at 96.50. If the U.S. Dollar Index settles back above this level, it will gain additional upside momentum and head towards the resistance level at 96.70 which will be bearish for gold and silver price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Gold tested the $1800 level but failed to develop sufficient upside momentum and pulled back while SPDR Gold Trust made an attempt to get above the 50 EMA at $167.70. In case gold manages to settle back above $1800, it will head towards the resistance at $1815 which will be bullish for silver.
Gold/silver ratio settled below the 80 level and is currently trying to get below the 20 EMA at 79.05. A move below this level will open the way to the test of the support at 78.50 which will be bullish for silver. Silver price continues its attempts to settle above the resistance level at $22.60. A move above this level will lead to another test of the resistance at $22.75. In case silver settles above $22.75, it will head towards the next resistance level at $22.90.
A successful test of this level will open the way to the test of the resistance which is located at the 50 EMA at $23.20. On the support side, the nearest support level for silver is located at $22.30. In case silver declines below this level, it will move towards the support at $22.10. A move below $22.10 will push silver towards the next support level which is located at $21.90.
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