Silver Price Daily Forecast – Silver Moves Lower While Gold Stays Above $1775

Published: Dec 6, 2021, 15:10 UTC2min read
Silver is testing the support level at $22.30.

Silver ETF Is Losing Ground At The Start Of The Week

Silver faced resistance near $22.60 and moved back below the support level at $22.30 while U.S. dollar was mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust made an attempt to settle below $20.50.

The U.S. Dollar Index has recently made another attempt to settle above the resistance at 96.25 but lost momentum and pulled back. The nearest support level for the U.S. Dollar Index is located at 96. A move below 96 will push the U.S. Dollar Index towards the support at the 20 EMA at 95.75 which will be bullish for silver and gold price today.

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Gold has recently managed to get above the $1775 level while SPDR Gold Trust is trying to stay above the $166 level. In case gold manages to settle above $1785, it will move towards the 50 EMA near $1800 which will be bullish for silver.

Gold/silver ratio continues its attempts to settle above the psychologically important resistance level at 80. A move above this level will push gold/silver ratio towards recent highs at 80.55 which will be bearish for silver.

Technical Analysis

Silver is trading in the range between the support level at $22.10 and the resistance level at $22.60. Currently, it is trying to settle below $22.30. In case this attempt is successful, silver will move towards the low end of the current trading range at $22.10.

A move below $22.10 will open the way to the test of the next support at $21.90. In case silver gets below this level, it will head towards the support at $21.50.

On the upside, silver needs to settle above the resistance at $22.60 to have a chance to gain sustainable upside momentum. The next resistance level for silver is located at $22.90.

RSI is close to the oversold territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If silver manages to settle above the resistance at $22.90, it will head towards the next resistance level at $23.20.

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