Silver Price Daily Forecast – Silver Is Mostly Flat Despite Weaker Dollar
Silver made an attempt to settle above the resistance at $24.20 but failed to develop sufficient upside momentum.
Silver Tries To Stay Above The 20 EMA
Silver continues its attempts to settle above the resistance at $24.00 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle below the support at the 50 EMA at 92.45 but failed to develop sufficient downside momentum and rebounded back above 92.50. In case the U.S. Dollar Index declines below the 50 EMA, it will move towards the support at 92.30 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.
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Meanwhile, gold is still trading in the range between the support at $1800 and the resistance at $1830. The recent attempt to settle below the support at $1800 yielded no results. In case gold moves towards the resistance at $1830, silver will get more support.
Gold/silver ratio received support near the 75 level and is trying to settle above 75.50. In case this attempt is sucessful, gold/silver ratio will move towards the resistance at 75.65 which will be bearish for silver.
Technical Analysis
The technical picture for silver has not changed much compared to the previous trading session. Another attempt to move above the resistance at $24.20 yielded no results, and silver pulled back towards the 20 EMA at $24.00. Currently, silver is trying to stay above the 20 EMA.
In case silver finally manages to settle above the 20 EMA, it will have a good chance to get above the next resistance level at $24.20. If silver settles above this level, it will move towards the next resistance at $24.50. A move above this level will open the way to the test of the resistance at $24.70.
On the support side, the nearest support level for silver is located at $23.80. If silver gets below this level, it will head towards the next support at $23.50. A move below $23.50 will push silver towards the support at $23.20.
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