Silver Price Daily Forecast – Silver Gains Ground As Dollar Remains Under Pressure

Silver ETF Tries To Rebound

Silver is currently trying to settle back above $22.90 while the U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle back above $21.20.

The U.S. Dollar Index has recently managed to get below the support at 95.75 and is moving towards the 20 EMA at 95.55. In case the U.S. Dollar Index declines below the 20 EMA, it will head towards the support at 95.40 which will be bullish for silver and gold price today.

Gold remains stuck in the range between the support at $1775 and the resistance at $1800, although it is currently trying to get above the $1800 level. Meanwhile, SPDR Gold Trust is trying to get to the test of the $168 level. If gold settles above the significant resistance at $1800, which is located near the 50 EMA, it will gain upside momentum and move towards the 20 EMA at $1810 which will provide more support to silver.

Gold/silver ratio managed to settle above the 78 level and continues to move higher. Currently, gold/silver ratio is trying to settle above 78.50. In case this attempt is successful, gold/silver ratio will move towards the 79 level which will be bearish for silver.

Technical Analysis

Silver is currently trying to settle back above $22.90. In case this attempt is successful, silver will head towards the resistance level at $23.20.

If silver settles above the resistance at $23.20, it will head towards the next resistance at $23.50. A move above this level will push silver towards the resistance at $23.70. A successful test of the resistance at $23.70 will open the way to the test of the 50 EMA at $23.90.

On the support side, a move below $22.90 will push silver towards the support level at $22.60. A move below this level will open the way to the test of the support at $22.30. In case silver manages to settle below $22.30, it will move towards the next support level which is located at $22.10.

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