Silver continues its attempts to sit above resistance at $24. 00 while the U. S. dollar loses ground against a giant basket of currencies.
The US dollar index recently tried to stabilize below the EMA 50 at 92. 45, but failed to sufficiently expand the bearish momentum and recovered above 92. 50. Be optimistic for the costs of silver and gold today. A weaker dollar is bullish for valuable metals, as it makes them less expensive for buyers who have other currencies.
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Meanwhile, gold is still trading in the diversity between $1800 and resistance at $1830. The recent attempt to install under the $1800 bracket yielded no results. In case gold moves towards the $1830 resistance, silver will get more.
The gold/silver ratio has gained near point 75 and is looking to sit above 75. 50. If this attempt is successful, the gold/silver ratio will move towards resistance at 75. 65 which will be bearish for silver.
The technical cash symbol has not replaced much of the previous trading session. Another attempt to break through resistance at $24. 20 produced no effect and silver retreated towards EMA 20 at $24. 00. Currently, cash seeks to stay above 20 MADRE.
In case silver, regardless, manages to sit above EMA 20, it will have a smart chance of breaking through the next resistance point at $24. 20 If silver settles above this point, it will head towards the next resistance at $24. 50. moving above this point will pave the way for the $24. 70 stress test.
On the other hand, the closest point for silver is $23. 80; if silver falls below this point, it will head to the next at $23. 50; a move below $23. 50 will push silver towards $23. 20.
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