Silver Price Daily Forecast – Silver Mixed As Treasury Yields Rise
Silver Is Mostly Flat Despite Weaker Dollar
Silver is currently trying to settle back below the support at $22.60 while the U.S. dollar is under strong pressure against a broad basket of currencies.
The U.S. Dollar Index has recently managed to get below the support level at 93.10 and is trying to settle below the 93 level. In case this attempt is successful, the U.S. Dollar Index will move towards the 20 EMA at 92.85 which may provide some support to silver and gold price today.
It should be noted that weaker dollar has so far failed to provide material support to precious metals today as Treasury yields moved closer to multi-week highs. Currently, the yield of 10-year Treasuries is trying to settle above 1.37%. In case this attempt is successful, it will move towards the key resistance at 1.38% which will be bearish for silver.
Gold is testing the support level at $1750. If this test is successful, gold will gain additional downside momentum and move towards the support at $1720 which will be bearish for silver.
Meanwhile, gold/silver ratio managed to settle below 77.50 and is moving towards the 77 level. A move below this level will open the way to the test of the support at 76.55 which will be bullish for silver.
Silver failed to settle above the resistance at $22.90 and is testing the support at $22.60. A successful test of this level will push silver towards the next support at $22.30.
In case silver settles below $22.30, it will move towards the support at $22.10 A move below this level will open the way to the test of the next support at $21.90.
On the upside, silver needs to settle above the resistance at $22.90 to have a chance to develop upside momentum in the near term. The next resistance level is located at $23.20. If silver gets above $23.20, it will move towards the 20 EMA at $23.35.
For a look at all of today’s economic events, check out our economic calendar.