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Tuesday, April 26, 2022 10:18:07 AM
By: Markets & Mayhem | April 26, 2022
• Silver failed to settle below the support at $23.50 and is trying to settle back above $23.70.
Silver ETF Tries To Gain More Ground
Silver is currently trying to settle back above the resistance at $23.70, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust continues to trade below the $22.00 level.
The U.S. Dollar Index managed to get above the resitance at 101.90 and is trying to settle above the 102 level. In case this attempt is successful, the U.S. Dollar Index will move towards the next resistance level at 102.20, which will be bearish for silver and gold price today.
Gold managed to get back above the $1900 level and is moving towards the resistance at $1915, while SPDR Gold Shares ETF moved back above the $178 level. In case gold gets above the resistance at $1915, it will head towards the next resistance at $1925, which will be bullish for silver.
Gold/silver ratio continues its attempts to settle above 80.50. In case gold/silver ratio manages to settle above this level, it will head towards the recent highs near 81.20, which will be bearish for silver.
Technical Analysis
Silver is testing the resistance level at $23.70. In case silver manages to settle above this level, it will head towards the next resistance at $24.00.
A move above the resistance at $24.00 will push silver towards the resistance at $24.25. If silver climbs above this level, it will head towards the next resistance at $24.50.
On the support side, the nearest support level for silver is located at $23.50. If silver declines below the support at $23.50, it will head towards the next support level at $23.35.
A successful test of the support at $23.35 will push silver towards the next support level at $23.10. In case silver declines below this level, it will head towards the support at $22.90.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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