Silver Price Daily Forecast – Resistance At $22.60 Stays Strong
Silver Tries To Gain More Ground
Silver has recently made an attempt to settle above the resistance at $22.60 but lost momentum and pulled back closer to $22.30 while U.S. dollar was mostly unchanged against a broad basket of currencies.
The U.S. Dollar Index is currently stuck in the range between the support at 93.10 and the resistance at 93.40. It remains to be seen whether foreign exchange market traders are ready for big moves ahead of the Fed Interest Rate Decision which will be released on September 22. In case the U.S. Dollar Index gets above 93.40, it will head towards yearly highs near 93.75 which will be bearish for silver and gold price today.
Meanwhile, gold is testing the resistance at $1775. In case this test is successful, gold will gain additional upside momentum and head towards the next resistance level at $1800 which will be bullish for silver.
Gold/silver ratio received strong support near the 78 level and moved back above the 79 level. RSI is in the overbought territory, but there is enough room to gain additional upside momentum. If gold/silver ratio moves closer to the 80 level, silver will find itself under more pressure.
Silver is trying to get above the resistance level at $22.60. If it manages to settle above this level, it will head towards the next resistance level which is located at $22.90.
A successful test of the resistance at $22.90 will open the way to the test of the next resistance level at $23.20.
On the support side, the nearest support level for silver is located at $22.30. In case silver declines below this level, it will move towards the support at $22.10. If silver settles below this level, it will head towards the next support at $21.90. A successful test of the support at $21.90 will push silver towards the support level which is located at $21.65.
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