Silver Price Daily Forecast – Silver Is Down By 3% As Treasury Yields Keep Moving Higher

Silver ETF Is Under Strong Pressure

Silver is currently trying to settle below the support at $22.10 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $20.50.

The U.S. Dollar Index has recently moved back below the support at 96.25 and is moving towards the support level at 96. In case the U.S. Dollar Index gets below 96, it will head towards the next support at 95.75 which will be bullish for silver and gold price today. However, it remains to be seen whether weaker dollar will be able to provide material support to precious metals as Treasury yields keep moving higher.

Gold slipped back below the support at $1800 and is trying to get below the $1785 level while SPDR Gold Trust is trying to settle below $167.20. In case gold declines below $1785, it will get to the test of the significant support level at $1775 which will be bearish for silver.

Gold/silver ratio managed to settle above the 80 level and made an attempt to settle above 81. A move above 81 will open the way to the test of December highs near the 82 level which will be bearish for silver.

Technical Analysis

Silver declined below $22.30 and is trying to get below the support at $22.10. In case this attempt is successful, silver will move towards the next support level which is located at $21.90.

A move below the support at $21.90 will push silver towards the support level at $21.50. In case silver declines below this level, it will head towards the next support at $21.30.

On the upside, the previous support level at $22.30 will serve as the first resistance level for silver. If silver manages to settle back above this level, it will head towards the resistance at $22.60. A successful test of the resistance at $22.60 will open the way to the test of the resistance at the 20 EMA at $22.75.

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