Silver Price Daily Forecast – Silver Rebounds Back Above $25.80

Lower Treasury Yields Provide Support To Silver

Silver is currently trying to settle back above $25.80 while U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is trying to settle above the resistance at 92.15. In case this attempt is successful, the U.S. Dollar Index will move towards recent highs at 92.40 which will be bearish for silver and gold price today.

However, it should be noted that Treasury yields moved lower after the release of better-than-expected ADP Employment Change report, and it remains to be seen whether traders will focus on stronger dollar if Treasury yields continue their downside move.

Meanwhile, gold has recently made another attempt to settle below the support at $1750 but failed to develop sufficient downside momentum. The nearest resistance level for gold is located at $1775. In case gold gets to the test of this level, silver will get more support.

Gold/silver ratio is trying to settle below the support level at the 50 EMA at 68. If gold/silver ratio manages to settle below this level, it will gain additional downside momentum and move towards 67.50 which will be bullish for silver.

Technical Analysis

Silver failed to settle below the support at $25.50 and moved back to the previous trading range between $25.80 and $26.30.

In case silver manages to settle above the high end of this trading range, it will move towards the next resistance level which is located at the 20 EMA at $26.55. A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance at the 50 EMA at $26.75.

On the support side, silver will need to get back below $25.80 to have a chance to develop downside momentum in the near term. A move below this level will push silver towards the support at $25.50.

If silver declines below $25.50, it will head towards the support at $25.30. In case silver moves below the support at $25.30, it will head towards the next support at $25.00.

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