Silver is currently trying to settle back below the support level at $24.70, while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading below the $23.00 level.

The U.S. Dollar Index is testing the resistance level at 98.70. In case this test is successful, the U.S. Dollar Index will move towards the next resistance level at 99, which will be bearish for silver and gold price today.

Gold  declined below the $1935 level, while SPDR Gold Shares ETF moved closer to the $180 level. In case gold manages to settle below $1935, it will head towards the support at $1915, which will be bearish for silver.

Gold/silver ratio has recently made an attempt to settle above 78.50 but lost momentum and pulled back towards the 78 level. If gold/silver ratio settles below this level, it will head towards the 50 EMA at 77.70, which will be bullish for silver.

It should be noted that the yield of 2-year Treasuries is testing yearly highs at 2.45%. A move above this level will open the way to the test of the 2.50% level, which will be bearish for silver.

Silver is testing the support level at $24.70. If this test is successful, silver will get to another test of the next support level, which is located at the 50 EMA at $24.55.

A move below the 50 EMA will open the way to the test of the support at $24.25. If silver declines below this level, it will head towards the support at $23.90.

On the upside, the nearest resistance level for silver is located at the 20 EMA at $25.00. If silver manages to settle above this level, it will move towards the next resistance at $25.30. A move above the resistance at $25.30 will push silver towards the resistance at $25.60.

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