Silver Price Daily Forecast – Silver Is Under Pressure As Treasury Yields Move Higher

Silver Retreats While Gold Tests Support At $1800

Silver is currently trying to settle below the support at $25.30 while the U.S. dollar is flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the support at 92.15 but lost momentum and rebounded towards the resistance at the 20 EMA at 92.30. In case the U.S. Dollar Index manages to get above the 20 EMA, it will move towards 92.50 which will be bearish for silver and gold price today.

Gold managed to get below the 20 EMA at $1810 and is testing the support level at $1800. It looks that the recent rebound in Treasury yields has put additional pressure on gold and silver. In case gold manages to settle below the $1800 level, it will gain downside momentum and head towards the support at $1775 which will be bearish for silver.

Gold/silver ratio is currently trying to get above 71.40. If this attempt is successful, gold/silver ratio will head towards the resistance at 71.70 which will be bearish for silver.

Technical Analysis

Silver has recently managed to settle below the 20 EMA which is located near $25.50 and is trying to settle below the next support level at $25.30. RSI is in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge.

In case silver manages to settle below $25.30, it will move towards the support at $25.00. A successful test of the support at $25.00 will push silver towards the next support level at $24.70. If silver declines below this level, it will continue its downside move and head towards the support at $24.50.

On the upside, the previous support level at the 20 EMA at $25.50 will serve as the first resistance level for silver. In case silver manages to settle back above this level, it will move towards the next resistance at $25.80. A move above the resistance at $25.80 will push silver towards the resistance at the 50 EMA at $26.00.

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