Silver Price Daily Forecast – Resistance At $23.15 In Sight

Silver ETF Rebounds After Yesterday’s Sell-Off

Silver is currently trying to settle back above the resistance at $22.90 while U.S. dollar is moving higher against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $21.30.

The U.S. Dollar Index is currently stuck in the range between the support at 96.25 and the resistance at 96.50. In case the U.S. Dollar Index manages to settle below 96.25, it will move back to the support at 96 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold received strong support near $1800 and is moving towards the resistance at $1815 while SPDR Gold Trust is trying to settle back above the $169 level. In case gold manages to settle above $1815, it will head towards the next resistance level at $1830 which will be bullish for silver.

Gold/silver ratio has recently made another attempt to settle above the 79 level but failed to develop sufficient upside momentum and pulled back. In case gold/silver ratio declines below 78.50, it will move towards the 50 EMA at 77.90 which will be bullish for silver.

It should be noted that Treasury yields continued to move higher today, but this move failed to put any pressure on silver and gold.

Technical Analysis

Silver is currently trying to get to the test of the resistance which is located at the 50 EMA near $23.15. In case silver settles above this level, it will move towards the next resistance at $23.50.

A successful test of the resistance at $23.50 will push silver towards the next resistance level at $23.70. If silver gets above this level, it will move towards the resistance at $23.90.

On the support side, the nearest support level for silver is located at $22.90. In case silver moves back below this level, it will get to the test of the support at $22.75. A successful test of this support level will open the way to the test of the support which is located near recent lows at $22.60.

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