Silver Price Daily Forecast – Resistance At $25.30 Stays Strong

Silver ETF Pulls Back

Silver is trading in the $25.00 – $25.30 range while the U.S. dollar is moving higher against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $23.20.

The U.S. Dollar Index is currently trying to settle above the resistance level at 95.20. If the U.S. Dollar Index settles above this level, it will move towards the next resistance at 95.40 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Gold made an attempt to settle below the support at $1845 but failed to develop sufficient downside momentum and rebounded towards $1855 while SPDR Gold Trust tried to settle below $173.50. In case gold manages to settle back above the $1850 level, it will head towards the significant resistance level at $1875 which will be bullish for silver.

Gold/silver ratio is currently trying to settle back above the 74 level. In case this attempt is successful, gold/silver ratio will move towards the resisistance at 74.50 which will be bearish for silver.

Technical Analysis

Silver faced resistance at $25.30 and pulled back. In case silver manages to settle above the resistance at $25.30, it will head towards the next resistance level which is located at $25.50. RSI remains in the moderate territory, and there is enough room to develop additional upside momentum in case the right catalysts emerge.

If silver settles above $25.50, it will head towards the resistance at $25.80. A successful test of the resistance at $25.80 will open the way to the test of the next resistance at $26.00.

On the support side, the nearest support for silver is located at $25.00. If silver declines below this level, it will head towards the next support at $24.80. A move below the support at $24.80 will open the way to the test of the support at $24.50.

For a look at all of today’s economic events, check out our economic calendar.