Silver Price Daily Forecast – Silver Rebounds After U.S. Inflation Reports

Silver ETF Gains Some Ground Ahead Of The Weekend

Silver is currently trying to settle back above $22.10 while U.S. dollar is gaining some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the $20.50 level.

The U.S. Dollar Index found itself under pressure after the release of U.S. inflation reports as inflation met analyst expectations. Howeer, the U.S. Dollar Index found support near 96.10 and rebounded towards 96.30. In case the U.S. Dollar Index manages to settle back above 96.30, it will move towards the resistance at 96.50 which will be bearish for silver and gold price today.

Gold received support from lower Treasury yields and moved towards $1785 while SPDR Gold Trust climbed above $166.50. In case gold settles above $1785, it will head towards the 50 EMA at $1795 which will be bullish for silver.

Gold/silver ratio faced resistance near the 81 level and pulled back towards 80.50. In case gold/silver ratio settles below this level, it will move towards 80 which will be bullish for silver.

Technical Analysis

Silver managed to get back above $22.10 and is trying to gain additional upside momentum. RSI has recently moved away from the oversold territory so there is plenty of room to gain upside momentum in case the right catalysts emerge.

In case silver settles above $22.10, it will head towards the resistance level at $22.30. A successful test of this level will push silver towards the resistance at $22.60. In case silver climbs back above the resistance at $22.60, it will move towards the next resistance level which is located at $22.90.

On the support side, silver needs to get back below $22.10 to have a chance to develop downside momentum in the near term.A move below this level will push silver towards the support at $21.90.

If silver declines below $21.90, it will head towards the next support at $21.50. A successful test of this level will open the way to the test of the support at $21.30.

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