Silver Price Daily Forecast – Silver Is Under Pressure Despite Weaker Dollar

Silver Is Losing Ground At The Start Of The Week

Silver is currently trying to settle back below the support at $22.30 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index has managed to settle below the support level at 94 and is testing the next support which is located at 93.75. In case this test is successful, the U.S. Dollar Index will head towards the support which is located at the 20 EMA at 93.40 which will be bullish for silver and gold price today.

Meanwhile, gold faced strong resistance at the 20 EMA at $1765 and declined towards the nearest support level at $1750. If gold settles below this level, it will gain additional downside momentum and move towards the next support at $1720 which will be bearish for silver.

Gold/silver ratio is currently trying to get back above the 78 level. If gold/silver ratio manages to settle above this level, it will move towards the resistance at 78.70 which will be bearish for silver.

Technical Analysis

Silver faced resistance near the 20 EMA at $22.85 and declined towards the support level at $22.30. In case this attempt is successful, silver will move towards the next support at $22.10.

RSI has moved back into the moderate territory after the recent rebound so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If silver settles below the support at $22.10, it will get to the test of the next support at $21.90. A move below this level will open the way to the test of the support at $21.65.

On the upside, the nearest resistance level for silver is located at $22.60. If silver gets back above this level, it will move towards the 20 EMA at $22.85. A successful test of the resistance at the 20 EMA will open the way to the test of the resistance at $23.20. If silver manages to settle above this level, it will move towards the resistance at $23.50.

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