Silver Price Daily Forecast – Silver Rebounds After Recent Pullback
Silver ETF Moves Higher While Gold Tests The Resistance At The $1800 Level
The U.S. Dollar Index has finally managed to settle below the 20 EMA at 93.80 and is moving towards the support level at 93.50. A move below this level will push the U.S. Dollar Index towards the 50 EMA near 93.45 which will be bullish for silver and gold price today.
Gold is currently trying to settle back above the resistance at the $1800 level while Gold ETF is trading near $168.50. In case the test of the resistance at $1800 is successful, gold will get to the test of the next resistance level at the recent highs near $1815 which will be bullish for silver.
Gold/silver ratio has recently made an attempt to settle above the 75 level but failed to develop sufficient upside momentum and pulled back closer to the 74.50 level. If gold/silver ratio declines below this level, it will move towards the support at the 74 level which will be bullish for silver.
Silver received support near $23.90 and moved closer to the resistance level which is located $24.30. A move above this level will push silver towards the next resistance at $24.50.
If silver gets above the resistance at $24.50, it will move towards the recent highs near $24.80. A successful test of this level will push silver towards the resistance at $25.00.
On the support side, the nearest support level for silver is still located at $23.90. In case silver manages to settle below this support level, it will head towards the next support at the 50 EMA at $23.65.
A successful test of this support level will open the way to the test of the support at $23.50, although it remains to be seen whether silver will get enough support near this level in case it manages to get below the 50 EMA and the 20 EMA which is also located near $23.65.
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