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Silver Price Daily Forecast – Silver Moves Back Above $23.00 As Dollar Declines

By:
Vladimir Zernov
Published: Jan 5, 2022, 16:10 UTC

Silver gained upside momentum and made an attempt to settle above the resistance level at $23.15.

Silver Price Daily Forecast – Silver Moves Back Above $23.00 As Dollar Declines

In this article:

Silver ETF Gains Ground While Gold Gets To Another Test Of The Resistance At $23.15

Silver is currently trying to settle above the resistance at the 50 EMA near $23.15 while U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get above its 50 EMA at $21.40.

The U.S. Dollar Index has recently declined below the 96 level and is trying to develop additional downside momentum. In case this attempt is successful, the U.S. Dollar Index will get to the test of the next support at 95.75 which will be bullish for silver and gold price today.

Weaker dollar provided material support to gold which tested the $1830 level while SPDR Gold Trust managed to get above the $170 level. In case gold moves above the $1830 level, it will gain additional upside momentum and head towards the next resistance level at $1845 which will be bullish for silver.

Gold/silver ratio continues its attempts to settle above the 79 level. If gold/silver ratio settles above 79, it will move towards the resistance at 79.50 which will be bearish for silver.

Technical Analysis

silver january 5 2022

Silver is currently testing the resistance level at the 50 EMA near $23.15. In case silver manages to settle above this level, it will gain additional upside momentum and head towards the next resistance which is located at $23.50. RSI remains in the moderate territory, and there is enough room to gain momentum in case the right catalysts emerge.

A move above the resistance at $23.50 will open the way to the test of the resistance at $23.70. If silver settles above $23.70, it will head towards the next resistance level at $23.90.

On the support side, silver will likely get material support at the 20 EMA near $22.90. In case silver declines below the support at the 20 EMA, it will head towards the next support level at $22.75. A move below this level will push silver towards the support at $22.60.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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