Silver Price Daily Forecast – Resistance At $26.30 In Sight

Silver Gains Ground As Dollar Declines

Silver is currently trying to get to the test of the resistance at $26.30 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index managed to settle below the support at 91.80 and is moving towards the next support level at 91.40. In case the U.S. Dollar Index manages to decline below this level, it will head towards the next support at 91.10 which will be bullish for silver and gold price today. Weak 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 $1800. If gold manages to settle above this level, it will head towards the next resistance at $1815 which will be bullish for silver and other precious metals.

Gold/silver ratio had moved back below 68.70 and is heading towards the 50 EMA at 67.95. If gold/silver ratio gets to the test of the 50 EMA, silver will get more support.

Technical Analysis

Silver received strong support near $25.80 and rebounded towards the nearest resistance level at $26.30. RSI has recently moved away from the oversold territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If silver manages to settle above the resistance level at $26.30, it will head towards the next resistance at $26.65. A successful test of the resistance at $26.65 will push silver towards the next resistance which is located near the 50 EMA and the 20 EMA at $27.00.

On the support side, silver needs to settle below the support at $25.80 to have a chance to gain downside momentum in the near term. This support level has been tested many times in recent trading sessions and proved its strength.

A move below $25.80 will push silver towards the support at $25.50. If silver declines below this level, it will head towards the next support at $25.30.  A successful test of the support at $25.30 will open the way to the test of the support at $25.00.

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