Silver MCX Tips Today: Silver continues to trade in the range between the support at the 50 EMA at $25.80 and the resistance at $26.30 while the U.S. dollar is gaining ground against a broad basket of currencies.
Silver MCX Tips Today: All Target Hit 68,950 To 69,980 | Neal Bhai Reports
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The U.S. Dollar Index managed to settle above the resistance at 90.70 and is trying to get to the test of the next resistance level at 91. In case the U.S. Dollar Index manages to settle above 91, it will head towards the next resistance at 91.30 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Gold continues its attempts to settle below the support at the 50 EMA at $1765. If gold declines below this level, it will head towards $1750 which will be bearish for silver and other precious metals.
Gold/silver ratio did not manage to settle above the 68 level and pulled back. The nearest support for gold/silver ratio is located at 67.50. In case gold/silver ratio settles below this support level, it will move towards the major support at 67 which will be bullish for silver.
Silver MCX Tips Today And Technical Analysis
The technical picture for silver has not changed in recent trading sessions. Silver continues to trade in the range between the support at $25.80 and the resistance at $26.30 and needs to get out of this range to gain more momentum.
If silver settles above the resistance at $26.30, it will move towards the resistance at $26.65. A move above this level will push silver towards the next resistance at $27.00.
In case silver declines below the support at the 50 EMA at $25.80, it will head towards the support at $25.55. A successful test of this support level will open the way to the test of the next support at $25.30. A move below $25.30 will open the way to the test of the support level which is located at $25.00.