Silver Price Daily Forecast – Resistance At $25.30 Stays Strong

Silver Pulls Back Despite Weaker Dollar

Silver is currently trying to settle back below the support at $25.00 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get below the support level at 92.80 and gained downside momentum. Currently, the U.S. Dollar Index is trying to settle below 92.60. In case this attempt is successful, it will move towards the support at 92.40 which will be bullish for silver and gold price today.

Meanwhile, gold continues its attempts to settle below the support level at $1800. A successful test of this level will open the way to the test of the next support at $1775 which will be bearish for silver and other precious metals.

Gold/silver ratio rebounds after yesterday’s decline and is trying to get to the 72 level. A move above this level will push gold/silver ratio towards the recent highs near the 73 level which will be bearish for silver.

It should be noted that gold and silver remain under pressure at a time when U.S. dollar is losing ground against a broad basket of currencies while Treasury yields are declining. This is a bearish sign, and it looks that precious metals will need additional positive catalysts to get back to the upside mode.

Technical Analysis

Silver failed to settle above the resistance at $25.30 and pulled back towards the support at $25.00. If silver declines below this level, it will move towards the next support at $24.70.

A successful test of the support at $24.70 will push silver towards the next support at $24.50. In case silver manages to settle below the support at $24.50, it will move towards the next support level at $24.20.

On the upside, silver needs to settle above the resistance at $25.30 to have a chance to develop upside momentum in the near term. The next resistance level is located at $25.50. If silver moves above this level, it will head towards the resistance at $25.80.

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