Silver Price Daily Forecast – Resistance At $22.90 Stays Strong

Silver ETF Pulls Back As Dollar Rebounds

Silver is currently moving towards the support level at $22.60 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get back below the $21 level.

The U.S. Dollar Index received support near 96 and is trying to get back above the resistance at 96.25. A move above this level will push the U.S. Dollar Index towards the resistance at 96.50 which will be bearish for silver.

Gold failed to get to the test of the resistance at $1815 and is trying to get back below the $1800 level while SPDR Gold Trust is moving towards the $168 level. In case gold manages to settle below $1800, it will move towards the support level which has recently emerged at $1785 which will be bearish for silver.

Gold/silver ratio found support at the 20 EMA at 79.10 and is moving towards 79.50. In case gold/silver ratio gets above this level, it will head towards the resistance at the 80 level which will be bearish for silver.

Technical Analysis

Silver has recently made an attempt to settle above the resistance at $22.90 but failed to develop sufficient upside momentum and pulled back. The nearest support level for silver is located at $22.60. In case silver declines below this level, it will head towards the next support level at $22.30.

A move below the support at $22.30 will push silver towards the next support at $22.10. If silver manages to settle below $22.10, it will head towards the support level which is located at $21.90.

On the upside, the nearest resistance level for silver is still located at $22.75. In case silver manages to get back above this level, it will move towards the next resistance level which is located at $22.90. A successful test of this level will push silver towards the resistance at the 50 EMA at $23.15.

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