Silver Price Daily Forecast – Silver Is Under Strong Pressure Despite Weaker DollarSilver declined below $24.00 and is trying to settle back below $23.80.
Silver Retreats While Gold Gets Closer To The $1800 Level
Silver is currently trying to settle below the support level at $23.80 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index has recently managed to get below the 50 EMA at 92.45 and is trying to develop additional downside momentum. In case this attempt is successful, it will head towards the next support at 92.30 which may provide more support to silver and gold price today, although it should be noted that the recent weakness of the U.S. dollar had no positive impact on precious metals.
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Meanwhile, gold is trying to get to the test of the support level at the 50 EMA at $1800. The 20 EMA is in the nearby, and gold should get material support near this level. In case gold settles below $1800, it will move towards the support at $1775 which will be bearish for silver and other precious metals.
Gold/silver ratio received strong support near the 20 EMA at 74.90 and moved closer to the 76 level. A move above this level will open the way to the test of the resistance at 76.50 which will be bearish for silver.
Silver is currently testing the support level at $23.80. In case this test is successful, silver will move towards the next support at $23.50.
A move below the support level at $23.50 will push silver towards the next support which is located at $23.20. A successful test of this support level will open the way to the test of the next support level at $22.90.
On the upside, the nearest resistance level for silver is located at the 20 EMA at $24.00. In case silver settles back above the 20 EMA, it will move towards the next resistance level at $24.20. This resistance level has already been tested many times and proved its strength. If silver gets above $24.20, it will gain additional upside momentum and head towards the resistance at $24.50.
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