Silver Price Daily Forecast – Silver Declines After Yesterday’s Upside Move

Silver ETF Pulls Back

Silver remains stuck in the range between the support at $24.20 and the resistance at $24.50 while U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $22.60.

The U.S. Dollar Index has recently faced resistance near 94.10 and moved back below the 94 level. Currently, the U.S. Dollar Index is trying to settle below the 20 EMA near 93.95. In case this attempt is successful, the U.S. Dollar Index will move towards the support at 93.75 which will be bullish for silver and gold price today.

Gold is testing the resistance level at $1830 while SPDR Gold Trust is trying to settle above $170.80. In case gold manages to settle above the key resistance level at $1830, it will head towards the next resistance at $1845 which will be bullish for silver.

Gold/silver ratio received support near 74.50 and is currently trying to settle back above the 75 level. If this attempt is successful, gold/silver ratio will move towards the 50 EMA at 75.35 which will be bearish for silver.

Technical Analysis

Silver did not manage to settle above the resistance at $24.50 and remains in the $24.20 – $24.50 range. In case silver manages to settle above the resistance at $24.50, it will move towards the next resistance level which is located at $24.80.

A successful test of the resistance at $24.80 will push silver towards $25.00. If silver settles above this level, it will continue its upside move and head towards the resistance level at $25.30.

On the support side, the nearest support level for silver is located at $24.20. If silver declines below this level, it will move towards the next support level which is located near the 20 EMA at $23.90. A move below the 20 EMA will open the way to the test of the next support level which is located at the 50 EMA at $23.75.

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