Silver Price Daily Forecast – Silver Pulls Back While Gold Remains Flat
Silver ETF Retreats As Gold/Silver Ratio Moves Higher
Silver is currently trying to settle back below the support at $25.00 while the U.S. dollar is flat against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the support at $23.20.
The U.S. Dollar Index has recently made an attempt to settle below the support at 95 but failed to develop sufficient downside momentum and rebounded towards 95.10. The nearest material resistance level for the U.S. Dollar Index is located at 95.20. A move above this level will open the way to the test of the resistance at 95.40 which will be bearish for silver and gold price today.
Meanwhile, gold continues to move towards the resistance at $1875 while SPDR Gold Trust stays near $174.20. In case gold gets above the resistance level at $1875, it will gain additional upside momentum and move towards the $1900 level which will be bullish for silver.
Gold/silver ratio managed to settle above the 74 level and is trying to settle above the next resistance at 74.50. In case gold/silver ratio settles above this level, it will head towards the 75 level which will be bearish for silver.
Silver has recently made another attempt to settle above the resistance level at $25.30 but failed to develop sufficient upside momentum and declined towards the support at $25.00.
In case silver manages to get below the support at $25.00, it will head towards the next support at $24.80. A successful test of this level will open the way to the test of the support at $24.50. If silver declines below the support at $24.50, it will move towards the next support which is located at the 20 EMA at $24.25.
On the upside, the nearest resistance level for silver is located at $25.30. In case silver manages to climb above $25.30, it will head towards the next resistance level which is located at $25.50. A successful test of the resistance at $25.50 will push silver towards the resistance at $25.80.
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