Silver price is currently trying to settle back above the resistance at $22.30 while U.S. dollar is moving higher against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle back above $20.70.
Silver Price Moves Back Above $22.30
The U.S. Dollar Index has recently made another attempt to get to the test of the resistance at 96.50 but failed to develop sufficient upside momentum and pulled back towards the support at 96.25. In case the U.S. Dollar Index manages to get above the resistance at 96.50, it will gain additional upside momentum and move towards the resistance at 96.70 which will be bearish for silver and gold price today.
Gold is testing the resistance level at the 20 EMA at $1790 while SPDR Gold Trust is trying to settle above the $167 level. In case gold manages to settle above the 20 EMA , it will move towards the $1800 level which will be bullish for silver price. Gold/silver ratio managed to settle below 80.50 and is trying to settle below the 80 level. In case gold/silver ratio settles below 80, it will gain additional downside momentum and move towards the support level at 79.50 which will be bullish for silver.
Silver price managed to settle above the resistance at $22.10 and is trying to settle above the next resistance level at $22.30. In case silver manages to settle above $22.30, it will head towards the major resistance level which is located at $22.60. Silver has made several attempts to settle above this level at the start of this month, but these attempts yielded no results.
In case silver price manages to get above $22.60, it will move towards the resistance at the 20 EMA at $22.90. A successful test of this level will open the way to the test of the resistance at $23.20. On the support side, the previous resistance at $22.10 will serve as the first support level for silver. In case silver declines below this level, it will move towards the support at $21.90. A move below this level will push silver towards the support at $21.50.
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