Silver Price Daily Forecast – Silver Rallies As Dollar Pulls Back From Yearly Highs

Silver Gains Ground Ahead Of The Weekend

Silver is currently trying to settle back above $22.30 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to settle below the support at 94.20 and is currently trying to settle below the 94 level. In case this attempt is successful, it will move towards the support at 93.75 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Meanwhile, gold managed to get above the resistance at $1750 and tries to continue its upside move. The nearest resistance level for gold is located at the 20 EMA at $1765. In case gold gets above the 20 EMA, it will move towards the resistance at $1775 which will be bullish for silver and other precious metals.

Gold/silver ratio declined below the 79 level and is currently trying to settle below 78.50. If gold/silver ratio manages to settle below this level, it will move towards the support at 78 which will be bullish for silver.

Technical Analysis

Silver has recently managed to settle above the resistance at $22.10 and is trying to settle above the next resistance level at $22.30. In case this attempt is successful, it will get to the test of the next resistance level at $22.60.

A move above the resistance at $22.60 will open the way to the test of the resistance at the 20 EMA at $22.85. In case silver gets above the 20 EMA, it will head towards the next resistance at $23.20. A successful test of this level will open the way to the test of the resistance at $23.50.

On the support side, the previous resistance level at $22.10 will serve as the first support level for silver. If silver declines below this level, it will move towards the next support at $21.90. A successful test of the support at $21.90 will push silver back towards the support at $21.65.

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