Silver Failed To Settle Above The Resistance At $26.30
Silver is currently trying to settle below $26 while the U.S. dollar is moving higher against a broad basket of currencies.
The U.S. Dollar Index got an additional boost after the release of better-than-expected U.S. Retail Sales data and made an attempt to get to the test of the resistance level at 92.80. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at 93.10 which will be bearish for silver and gold price today.
Gold made an attempt to settle below the support level at the 50 EMA at $1815 but failed to develop sufficient downside momentum and rebounded closer to $1830. If gold gets above this level, it will move towards $1850 which will be a positive development for silver.
Gold/silver ratio managed to get above the resistance at 69.70 and is testing the psychologically important 70 level. If this test is successful, gold/silver ratio will have a good chance to gain additional upside momentum and move towards the next resistance at 70.50 which will be bearish for silver.
Silver has recently made an attempt to settle above the resistance at the 20 EMA at $26.30 but failed to develop sufficient upside momentum and pulled back towards the $26 level.
The nearest support level for silver is located at $25.80. This support level has already been tested many times and proved its strength. In case silver declines below this level, it will move towards the support at $25.50.
A move below $25.50 will push silver towards the support at $25.30. In case silver gets below this level, it will move towards the next support at $25.00.
On the upside, the nearest resistance level for silver is still located at the 20 EMA at $26.30. If silver settles above this level, it will head towards the 50 EMA at $26.55. A move above the resistance at the 50 EMA will open the way to the test of the resistance at $27.00.
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