Silver Price Daily Forecast – Support At $23.50 Stays Strong
Silver Tries To Rebound
Silver is currently trying to settle back above the resistance at $23.80 while the U.S. dollar is flat against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle above the resistance level at 92.80 but failed to develop sufficient upside momentum and declined towards the 20 EMA which is located near 92.60. In case the U.S. Dollar Index settles below the 20 EMA, it will gain additional downside momentum and move towards the support at the 50 EMA at 92.45 which will be bullish for silver and gold price today.
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Meanwhile, gold is trying to get above the $1800 level. This resistance level has already been tested many times in recent trading sessions and proved its strength. A move above $1800 will push gold towards the next resistance at $1830 which will be bullish for silver and other precious metals.
Gold/silver ratio tried to settle above the 76 level but lost momentum and pulled back towards 75.50. In case gold/silver ratio settles below this level, it will move towards the 20 EMA at 74.80 which will be bullish for silver.
Technical Analysis
Silver made an attempt to settle below the support level at $23.50 but failed to develop sufficient downside momentum and rebounded towards the resistance at $23.80.
In case silver manages to settle above $23.80, it will head towards the next resistance at $24.00. A successful test of this level will push silver towards the resistance which is located at $24.20. A move above $24.20 will open the way to the test of the resistance at $24.50.
On the support side, the nearest support level for silver is still located at $23.50. If silver manages to settle back below this level, it will head towards the next support at $23.20. A successful test of the support at $23.20 will open the way to the test of the next support level which is located at $22.90.
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