Silver Price Daily Forecast – Silver Declines As Gold/Silver Ratio Moves Above 80
Silver ETF Is Trading At Multi-Week Lows
Silver is currently trying to settle below the support at $21.90 while U.S. dollar is moving higher against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $20.30.
The U.S. Dollar Index failed to get below the 20 EMA at 95.85 and managed to get back above the 96 level. The next resistance level for the U.S. Dollar Index is located at 96.25. In case the U.S. Dollar Index moves above this level, it will head towards the resistance at 96.50 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 remains stuck near the $1775 level while SPDR Gold Trust is trying to settle below the $166 level. In case gold manages to settle below the $1775 level, it will move towards the major support at $1750 which will be bearish for silver.
Gold/silver ratio managed to get above the 80 level and made an attempt to settle above 81. A move above this level will push gold/silver ratio towards the resistance at 82.15 which will be bearish for silver.
Silver declined below the support at $22.10 and is testing the next support level at $21.90. RSI is in the moderate territory, but there is enough room to develop additional downside momentum in case the right catalysts emerge.
In case silver settles below $21.90, it will head towards the support at $21.50. A move below this level will push silver towards the support at $21.30. In case silver manages to settle below the support at $21.30, it will head towards the next support level which is located at $20.75.
On the upside, the previous support at $22.10 will serve as the first resistance level for silver. In case silver gets above this level, it will move towards the next resistance at $22.30. A successful test of this level will open the way to the test of the resistance at $22.60.
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