Silver Price Daily Forecast – Silver Is Mostly Flat Despite Rising Treasury Yields

Silver ETF Tries To Gain Some Ground At The Start Of The Week

Silver is currently trying to settle above the resistance at $22.30 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust ETF is trying to settle above $20.60.

The U.S. Dollar Index has recently managed to get back above the 96 level and is trying to get to the test of the next resistance level at 96.25. If the U.S. Dollar Index gets above 96.25, it will move towards the next 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 continues its attempts to get above the resistance level at $1800 while SPDR Gold Trust is trading above $167.50. If gold moves above this level, it will head towards the resistance at $1815 which will be bullish for silver.

Gold/silver ratio settled above the 80 level and continues its attempts to settle above 80.50. A move above this level will push gold/silver ratio towards the resistance at the recent highs near 81.25 which will be bearish for silver.

Interestingly, precious metals have not found themselves under strong pressure today despite rising Treasury yields, which indicates that they enjoy some support from safe-haven buying.

Technical Analysis

Silver is testing the resistance level at $22.30. In case silver manages to settle above this level, it will move towards the next resistance at $22.60.

A successful test of resistance at $22.60 will push silver towards the resistance level which is located near the 20 EMA at $22.75. If silver gets above this level, it will move towards the next resistance at $22.90.

On the support side, the nearest support level for silver is located at $22.10. If silver manages to settle below this support level, it will head towards the next support at $21.90. A successful test of this support level will push silver towards the support at $21.50.

For a look at all of today’s economic events, check out our economic calendar.