Silver Price Daily Forecast – Another Test Of Resistance At $24.20
Silver gains some ground while U.S. dollar is moving lower.
Silver Tries To Gain More Ground
Silver continues its attempts to settle above the resistance at $24.20 while the U.S. dollar is under pressure against a broad basket of currencies.
The U.S. Dollar Index is currently testing the support at the 50 EMA at 92.45. If this test is successful, it will head towards the next support level at 92.30 which will provide more support to silver and gold price today.
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Gold has recently made another attempt to settle above the resistance at $1800. This resistance level has already been tested many times and proved its strength. If gold gets above $1800, it will gain additional upside momentum and move closer to the next resistance level at $1830 which will be bullish for silver.
Gold/silver ratio tried to settle above the 20 EMA at 74.60 but lost momentum and pulled back below 74.50. If gold/silver ratio settles below this level, it will have a good chance to get closer to the 74 level which will provide additional support to silver.
Technical Analysis
Silver continues to test the resistance level at $24.20. RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In case silver manages to settle above the resistance at $24.20, it will head towards the next resistance level which is located at $24.50.
A move above the resistance at $24.50 will push silver towards the resistance at $24.70. If silver gets above this level, it will continue its upside move and head towards the next resistance at $25.00.
On the support side, silver needs to settle below the support level at $24.00 to have a chance to develop downside momentum in the near term. The next support level is located at $23.80.
In case silver declines below the support at $23.80, it will head towards the next support at $23.50. A successful test of this level will open the way to the test of the support at $23.20.
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