Silver ETF Gains Ground In The Last Trading Session Of The Year
Silver is currently trying to settle above the 50 EMA at $23.15 while U.S. dolalr is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $21.50.
The U.S. Dollar Index managed to settle below the support level at 96 and is trying to get to the test of the support at 95.75. In case the U.S. Dollar Index declines below 95.75, it will head towards the 50 EMA at 95.55 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them less expensive for buyers who have other currencies.
Gold managed to get above the resistance at $1815 and is trying to get to the test of the next resistance at $1830 while SPDR Gold Trust is trying to settle above $170.50. In case gold moves above $1830, it will gain additional upside momentum and head towards the next resistance level at $1845 which will be bullish for silver.
Gold/silver ratio continues its attempts to settle below the support at 78.50. A move below this level will push gold/silver ratio towards the 50 EMA near 77.80 which will be bullish for silver.
Silver is testing the resistance at the 50 EMA at $23.15. If silver settles above this level, it will head towards the next resistance at $23.50.
A move above the resistance at $23.50 will open the way to the test of the resistance at $23.70. In case silver gets above this level, it will head towards the resistance at $23.90.
On the support side, the nearest support level for silver is located at $22.90. In case silver manages to settle back below this level, it will head towards the next support level at $22.75. A move below this support level will push silver towards the support at $22.60.
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