Silver Price Daily Forecast – Silver Is Under Pressure Despite Weaker Dollar
Silver Is Losing Ground As Gold/Silver Ratio Moves Towards 72
Silver is currently trying to settle below the support at $25.00 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 20 EMA at 92.45. If the U.S. Dollar Index gets below this level, it will head towards the support at 92.30 which will be bullish for silver and gold price today.
Gold is still stuck near the key support level at $1800. Gold has recently made another attempt to settle below this level, but this attempt yielded no results. In case gold manages to get above the nearest resistance level at the 20 EMA at $1805, it will get to the test of the 50 EMA at $1810 which may provide some support to silver.
Meanwhile, gold/silver ratio managed to get above 71.50 and is moving towards the $72 level. If gold/silver ratio manages to settle above 72, it will head towards the recent highs near 72.85 which will be bearish for silver.
Silver has managed to settle below $25.30 and is testing the support level at $25.00. In case silver settles below this level, it will head towards the next support at $24.70. RSI remains in the moderate territory, and there is enough room to gain additional downside momentum in case the right catalysts emerge.
A successful test of the support at $24.70 will open the way to the test of the next support at $24.50. If silver declines below this level, it will move towards the support at $24.20.
On the upside, the nearest resistance level for silver is located at $25.30. If silver manages to settle back above this level, it will move towards the resistance at $25.50. This resistance level has already been tested several times in recent trading sessions and proved its strength. If silver gets above $25.50, it will move towards the next resistance which is located at the 20 EMA at $25.70.
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