Silver Price Daily Forecast – Silver Remains Under Pressure As Dollar Rebounds
Silver ETF Declines At The Start Of The Week
Silver continues its attempts to settle below the support level at $22.90 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $21.30.
The U.S. Dollar Index managed to settle above the resistance level at 95.25 and is moving towards the next resistance which is located at 96.50. A move above 96.50 will open the way to the test of the resistance at 96.70 which will be bearish for silver and gold price today.
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Meanwhile, gold moved back into the $1775 – $1800 trading range as demand for safe-haven assets decreased while SPDR Gold Trust remained stuck near the $167 level. In case gold manages to settle below the support at $1775, it will move towards the next support level at $1750 which will be bearish for silver.
Gold/silver ratio continues its attempts to settle above the resistance level at 77.50. In case gold/silver ratio manages to settle above this level, it will move towards the 78 level which will be bearish for silver.
Technical Analysis
Silver managed to settle below the support at $23.20 and is trying to settle below the next support level which is located at $22.90. In case silver manages to settle below this level, it will move towards the next support level at $22.60.
A successful test of the support at $22.60 will push silver towards the support at $22.30. If silver declines below this level, it will head towards the support level at $22.10.
On the upside, the previous support at $23.20 will serve as the first resistance level for silver. In case silver gets back above this level, it will head towards the next resistance at $23.50.
A successful test of the resistance at $23.50 will push silver towards the next resistance at $23.70. In case silver moves above this level, it will head towards the resistance level which is located near the 50 EMA at $23.90.
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