Silver Price Daily Forecast – Silver Pulls Back As Gold/Silver Ratio Rebounds
Silver Retreats After Recent Rally
Silver is currently trying to get back below the $24 level while the U.S. dollar is mostly flat against a broad basket of currencies.
The U.S. Dollar Index has recently made another attempt to settle below 93.50 but failed to develop sufficient downside momentum. In case the U.S. Dollar Index declines below this level, it will get to the test of the support near the 50 EMA at 93.40 which will be bullish for silver and gold price today.
Meanwhile, gold continues to trade near the $1775 level. Gold tried to develop upside momentum but this attempt yielded no results. In case gold moves back below $1775, it may gain downside momentum and move closer to the major support level at $1750 which will be bearish for silver.
Gold/silver ratio received support near 73 and rebounded above 73.50. If gold/silver ratio gets to the test of the 74 level, silver will find itself under more pressure.
Silver is currently trying to settle below $24. In case this attempt is successful, it will get to the test of the support level at $23.90.
A move below the support at $23.90 will open the way to the test of the next support which is located at the 50 EMA at $23.50. If silver declines below $23.50, it will head towards the next support level at the 20 EMA at $23.20.
On the upside, silver needs to stay above the $24 level to have a chance to develop upside momentum in the near term. RSI remains in the moderate territory, and there is plenty of room to develop additional upside momentum in case the right catalysts emerge.
If silver stays above $24, it will have a good chance to get to the test of the next resistance level at $24.30. A move above this level will open the way to the test of the resistance at the recent highs at $24.50. In case silver manages to settle above $24.50, it will move towards the resistance at $24.80.
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