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AnonymousSilver Video 02.11.20. Silver Gains Ground Ahead Of U.S. Presidential Election Day Silver made an attempt to settle back above the $24 level while the U.S. dollar continued to gain ground against a broad basket of currencies as precious metals received some support from investors ahead of U.S. presidential election. The U.S. Dollar Index managed to settle above the 94 level and tried to get above the next resistance at 94.20 amid increased demand for safe haven assets ahead of the main risk event of the week. Typically, a stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies but this time silver managed to gain ground despite the strength of the American currency. Gold is also moving higher today and is trying to get to the test of the 50 EMA at $1900. If gold settles above the 50 EMA, it will gain additional upside momentum and move towards the next resistance at $1930 which will be bullish for silver and other precious metals. Gold/silver ratio has recently tested the nearest support level at the 50 EMA at 78.45. If gold/silver ratio settles below this level, it will move towards the next material support level at 76.50 which will be bullish for silver. Technical Analysis Silver made an attempt to settle above $24.00 but faced resistance at the 20 EMA at $24.20 and pulled back. If silver manages to settle above the 20 EMA, it will get to the test of the next resistance level at the 50 EMA at $24.40. A move above the 50 EMA will open the way to the test of the next resistance level at $24.60. In case silver settles above $24.60, it will move towards the resistance at $25.00. On the support side, the nearest support level for silver is located at $23.30. If silver gets below this level, it will head towards the next support at $22.90. A move below the support level at $22.90 will open the way to the test of the next support level at the recent lows at $22.60 For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Oil Tries To Settle Above The $36 Level In A Volatile Trading Session E-mini S&P 500 Index (ES) Futures Technical Analysis – Trying to Establish Support at 3246.25 Crude Oil Price Update – Close Over $35.79 Forms Potentially Bullish Closing Price Reversal Bottom Silver Price Forecast – Silver Rally Only to Give Up Some Gains Natural Gas Price Forecast – Natural Gas Markets Pull Back Gold Price Futures (GC) Technical Analysis – Facing Wall of Resistance Between $1889.70 and $1917.40 View comments
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