Silver Remains Under Pressure As Gold Settles Below $1950

Key Insights

• Gold moved back below the $1950 level, which was bearish for silver. 
• Meanwhile, gold/silver ratio settled above 78.50.
• A successful test of the support at $24.75 will push silver towards the next support at $24.50.

Silver ETF Continues To Move Lower

Silver  is currently trying to settle below the support at the 50 EMA at $24.75, while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below its 50 EMA at $22.85.

The U.S. Dollar Index failed to settle below the support at the 100 level and moved closer to the nearest resistance at 100.30. In case the U.S. Dollar Index manages to settle back above this level, it will head towards the next resistance at 100.50, which will be bearish for silver and gold price today.

Gold is currently stuck between the support at $1935 and the resistance at $1950, while SPDR Gold Shares ETF is trying to settle below the $181.50 level. In case gold moves below the support at $1935, it will get to the test of the 50 EMA at $1925, which will be bearish for silver.

Gold/silver ratio continues to move higher and is trying to get to the test of the 79 level. In case gold/silver ratio moves above this level, it will head towards April highs at 79.60, which will be bearish for silver.

Technical Analysis

Silver is testing the support at the 50 EMA at $24.75. If this test is successful, silver will head towards the next support level, which is located at $24.50.

A move below the support at $24.50 will open the way to the test of the support at $24.25. In case silver declines below this level, it will head towards the support at March lows at $24.00.

On the upside, the previous support at $24.90 will serve as the first resistance level for silver. A move above this level will push silver towards the resistance, which is located near the 20 EMA at $25.10. A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance at $25.30.

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