Silver Price Daily Forecast – Silver Declines As Dollar Moves To New Highs

Silver ETF Is Losing Ground While Gold Pulls Back After Unsuccessful Test Of The Resistance At $1875

Silver gained downside momentum after U.S. dollar moved to new highs. Currently, silver is trying to settle below the support at $25.00 while iShares Silver Trust is trading in the $23.20 – $23.30 range.

The U.S. Dollar Index is currently trying to settle above the resistance at 95.75. In case this attempt is successful, the U.S. Dollar Index will move towards the 96 level which will be bearish for silver and gold price today.

Gold tested resistance at $1875 but pulled back towards $1865 while SPDR Gold Trust moved towards $174.50. In case gold manages to settle below today’s lows near $1860, it will head towards the nearest material support level at $1845 which will be bearish for silver.

Gold/silver ratio continues its attempts to settle above the resistance level which is located at 74.50. A move above this level will open the way to the test of the resistance at 75 which will be bearish for silver.

Technical Analysis

Silver continues its attempts to settle below the support level at $25.00. If silver settles below this level, it will move towards the next support at $24.80.

In case silver manages to settle below the support at $24.80, it will head towards the support level at $24.50. RSI is in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge.

If silver moves below the support at $24.50, it will head towards the 20 EMA at $24.30. A move below the 20 EMA will open the way to the test of the support at the 50 EMA at $24.00.

On the upside, a move above the resistance at $25.30 will push silver towards the next resistance level which is located at $25.50. In case silver manages to settle above the resistance at $25.50, it will head towards the next resistance at $25.80.

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