Silver Price Daily Forecast – Silver Remains Under Pressure As Dollar Gains More Ground
Silver ETF Continues To Move Lower
Silver continues its attempts to settle below the support at $23.50 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get below $21.70.
The U.S. Dollar Index managed to get above the resistance at 96.70 and is moving towards the next resistance level at 97. In case the U.S. Dollar Index manages to settle above this level, it will head towards the resistance at 97.25 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.
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Gold is currently trying to get to the test of the support level at $1775 while SPDR Gold Trust is trying to settle below $166.50. In case gold manages to settle below $1775, it will head towards the major support level at $1750 which will be bearish for silver.
Gold/silver ratio settled above 75.50 and is trying to get to another test of the 76 level. A move above the 76 level will push gold/silver ratio towards the resistance at 76.50 which will be bearish for silver.
Technical Analysis
Silver attempts to settle below the support level at $23.50. RSI remains in the moderate territory despite the recent pullback, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If silver settles below $23.50, it will move towards the support at $23.20. A successful test of this level will push silver towards the next support at $22.90. In case silver gets below this level, it will head towards the support level at $22.60.
On the upside, the nearest resistance level for silver is located at $23.90. A move above this level will push silver towards the resistance at the 50 EMA at $24.00. In case silver manages to settle above the 50 EMA, it will move towards the next resistance level which is located at the 20 EMA at $24.25.
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