Silver Price Daily Forecast – Silver Rallies As Dollar Retreats After Fed Decision

Silver ETF Rebounds While Gold Tests 50 EMA At $1790

Silver is currently trying to settle above the resistance at $22.30 while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust attempts to settle above $20.75.

The U.S. Dollar Index managed to settle below the support at 96.25 and is testing the next support level at 96. In case the U.S. Dollar Index settles below this level, it will gain additional downside momentum and move towards the next support at 95.75 which will be bullish for silver and gold price today.

Gold gained strong upside momentum and got to the test of the 50 EMA near $1790 while SPDR Gold Trust moved towards $167.50. In case gold manages to settle above the 50 EMA, it will get to the test of the $1800 level which will be bullish for silver.

Gold/silver ratio has recently faced strong resistance near the $82 level and declined towards the 80 level. If gold/silver ratio manages to settle below 80, it will gain downside momentum and head towards 79.50 which will be bullish for silver.

Technical Analysis

 

Silver is currently testing the resistance level at $22.30. RSI has recently moved away from the oversold territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case silver settles above $22.30, it will head towards the significant resistance level at $22.60. A move above this level will push silver towards the next resistance which is located at the 20 EMA at $22.75. In case silver gets above the 20 EMA, it will continue its rebound and get to the test of the resistance at $22.90.

On the support side, a move below $22.30 will push silver towards the support at $22.10. In case silver moves back below $22.10, it will head towards the support at $21.90. A successful test of the support at $21.90 will open the way to the test of the next support which is located at $21.50.

For a look at all of today’s economic events, check out our economic calendar.