Silver Price Daily Forecast – Silver Moves Higher As Gold Gets Back Above $1800

Silver ETF Rebounds After Yesterday’s Pullback

Silver has recently made an attempt to settle above the resistance at the 50 EMA at $23.15 while U.S. dollar gained some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust tried to get above the 50 EMA near $21.40.

The U.S. Dollar Index failed to settle above the resistance at 96.25 and pulled back towards the 96 level. In case the U.S. Dollar Index declines below this level, it will move towards the support at 95.75 which will be bullish for silver and gold price today.

Gold moved back above the $1800 level while SPDR Gold Trust managed to settle above $168.50. The next resistance level for gold is located at $1815. If gold settles above this level, it will head towards the resistance at $1830 which will be bullish for silver.

Gold/silver ratio moved back below the 20 EMA at 78.90 and is currently trying to settle below 78.50. In case this attempt is successful, gold/silver ratio will head towards the 50 EMA at 77.80 which will be bullish for silver.

Technical Analysis

Silver managed to get back above the resistance at $22.90 and is testing the 50 EMA at $23.15. In case this test is successful, silver will gain additional upside momentum and move towards the next resistance level at $23.50.

A successful test of the resistance at $23.50 will push silver towards the next resistance at $23.70. If silver manages to settle above this level, it will head towards the resistance level at $23.90.

On the support side, the previous resistance at $22.90 will serve as the first support level for silver. If silver moves below this level, it will head towards the support which is located near the 20 EMA at $22.75.

A successful test of the support at $22.75 will open the way to the test of the next support at $22.60. In case silver declines below $22.60, it will move towards the support level at $22.30.

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