Silver Price Daily Forecast – Resistance At $25.30 In Sight

Silver ETF Continues To Move Higher

Silver managed to get above the resistance level at $25.00 and is moving towards the next resistance at $25.30 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust continues its attempts to settle above $23.20.

The U.S. Dollar Index is currently trying to settle above the resistance level at 95. In case the U.S. Dollar Index manages to settle above this level, it will gain additional upside momentum and move towards the next resistance at 95.20 which may put some pressure on silver and gold price today.

Meanwhile, gold is moving towards the resistance level at $1875 while SPDR Gold Trust is trying to settle above the $174 level. In case gold manages to settle above $1875, it will move towards the psychologically important resistance level at $1900 which will be bullish for silver and other precious metals.

Gold/silver raio has recently managed to settle below the support at 74.50 and is moving towards the 74 level. In case gold/silver ratio declines below this level, it will head towards 73.50 which will be bullish for silver.

Technical Analysis

Silver is testing the resistance level at $25.00. In case silver manages to settle above the resistance at $25.00, it will move towards the next resistance at $25.30.

A successful test of the resistance at $25.30 will push silver towards the resistance at $25.50. If silver climbs above this level, it will continue its upside move and head towards the resistance level at $25.80.

On the support side, the nearest support level for silver is located at $24.80. In case silver manages to settle back below this support level, it will gain additional downside momentum and head towards the next support which is located at $24.50. A successful test of the support at $24.50 will open the way to the test of the next support level at $24.20.

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