Silver Price Daily Forecast – Resistance At $24.50 In Sight

Silver ETF Gains Ground At The Start Of The Week

Silver is currently trying to get to the test of the resistance at $24.50 while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $22.50.

The U.S. Dollar Index has recently managed to get below the support level at 94.20 and is slowly moving towards the next support at 94. In case the U.S. Dollar Index declines below 94, it will move towards the next support at 93.75 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 is moving towards the resistance level at $1830 while SPDR Gold Trust is trying to settle above $170.50. In case gold manages to settle above the resistance level at $1830, it will gain additional upside momentum and head towards the next resistance at $1845 which will be bullish for silver and other precious metals.

Gold/silver ratio is currently testing the support level at 75. In case gold/silver ratio settles below this support level, it will move towards the support at 74.50 which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $24.20 and is moving towards the next resistance level at $24.50. If silver settles above $24.50, it will head towards the resistance at $24.80.

A move above the resistance level at $24.80 will open the way to the test of the next resistance at $25.00. In case silver gets above this level, it will head towards the resistance at $25.30.

On the support side, the previous resistance at $24.20 will serve as the first support level for silver. In case silver settles back below this level, it will head towards the next support at $23.90. A successful test of this support level will push silver towards the support which is located at the 20 EMA at $23.75.

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