Silver Price Daily Forecast – Silver Moves Higher Ahead Of The Weekend

Silver ETF Rebounds Despite Strong Dollar

Silver is currently trying to get back above $25.00 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle back above the $23.00 level.

The U.S. Dollar Index has recently made an attempt to settle above the yearly highs near 96.25. However, it lost momentum and moved back below the 96 level. In case the U.S. Dollar Index settles below this level, it will head back towards the support at 95.75 which will be bullish for silver and gold price today.

Gold is also moving higher while SPRD Gold Trust is testing the resistance at $174. Gold managed to gain some ground as demand for safe-haven assets increased after Austria’s decision to impose a full lockdown. From a big picture point of view, gold continues to trade in the $1845 – $1875 range, and it needs to get out of this range to gain additional momentum. A successful test of the resistance at $1875 will push gold towards the next resistance at $1900 which will be bullish for silver.

Gold/silver ratio has recently made another attempt to settle above the 50 EMA at 75.10 but lost momentum and moved closer to the support at 74.50. A move below this support level will push gold/silver ratio towards the 74 level which will be bullish for silver.

Technical Analysis

Silver failed to settle below the support at $24.80 and is trying to move above the $25 level. If this attempt is successful, it will head towards the next resistance at $25.30.

A move above the resistance at $25.30 will push silver towards the resistance at $25.50. In case silver manages to settle above this level, it will head towards the next resistance level at $25.80.

On the support side, a successful test of the support at $24.80 will open the way to the test of the next support near the 20 EMA at $24.50. In case silver declines below the 20 EMA, it will head towards the support at $24.25. A move below $24.25 will push silver towards the support at the 50 EMA at $24.05.

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