Silver Price Daily Forecast – Silver Moves Higher As Treasury Yields Decline

Silver ETF Gains Ground Ahead Of The Weekend

Silver is testing the major resistance level at $22.60 while U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $20.90.

The U.S. Dollar Index is currently moving towards the resistance level at 96.25. A move above this level will push the U.S. Dollar Index towards the next resistance level at 96.50 which will be bearish for silver and gold price today. It should be noted that traders look focused on falling Treasury yields, which is bullish for precious metals, so they may ignore stronger dollar.

Gold managed to settle above the important $1800 level and made an attempt to settle above the next resistance at $1815 while SPDR Gold Trust moved towards the $169 level. In case gold manages to settle above $1815, it will head towards the resistance at $1830 which will be bullish for silver.

Gold/silver ratio continues its attempts to settle below the support level at 80. A successful test of this level will open the way to the test of the support at 79.50 which will be bullish for silver.

Technical Analysis

Silver is currently trying to settle above the resistance at $22.60. If this attempt is successful, it will get to the test of the next resistance level which is located at the 20 EMA at $22.75.

A move above the resistance at the 20 EMA will open the way to the test of the resistance at $22.90. If silver gets above this level, it will head towards the next resistance near the 50 EMA at $23.20. A move above the 50 EMA will push silver towards the resistance at $23.50.

On the support side, the nearest support level for silver is located at $22.30. If silver declines below this level, it will move towards the next support level at $22.10. A move below $22.10 will push silver towards the support at $21.90.

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