Silver Price Daily Forecast – Silver Is Under Pressure While Gold Gets Back To $1,800

Silver ETF Declines Amid Worries About The New Variant Of Coronavirus

Silver has recently made an attempt to settle below the support at $23.20 but rebounded towards the $23.50 level while the U.S. dollar lost ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $21.60.

The U.S. Dollar Index settled below the support level at 96.50 and made an attempt to settle below the next support at 96.25. In case the U.S. Dollar Index declines below 96.25, it will move towards the 96 level which will be bullish for silver and gold price today.

Gold received support and moved back above the $1800 level as traders rushed to buy safe-heaven assets amid worries about the new variant of coronavirus. SPDR Gold Trust is trying to get to the test of the 50 EMA near $168.75. In case gold settles above the $1800 level, it will move towards the next resistance at the 20 EMA at $1815 which will be bullish for silver.

Gold/silver ratio settled above 76.50 and made an attempt to settle above the 77 level. A move above 77 will open the way to the test of the resistance at 77.50 which will be bearish for silver.

It should be noted that silver will likely get less support than gold today as it is more dependent on industrial demand.

Technical Analysis

Silver continues its attempts to settle below the support level at $23.50. If silver settles below this level, it will get to another test of the next support which is located at $23.20.

A move move below $23.20 will push silver towards the support at $22.90. If silver declines below $22.90, it will move towards the next support at $22.60.

On the upside, a move above $23.50 will push silver towards the resistance which has recently emerged at $23.70. A successful test of this level will open the way to the test of the resistance at $23.90. In case silver gets above this level, it will get to the test of the 50 EMA which is located near $24.00.

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