Silver Price Daily Forecast – Silver Rebounds On Weaker Dollar

Silver Gains Ground After Yesterday’s Sell-Off

Silver is currently trying to settle back above the resistance at $24.20 while the U.S. dollar is moving lower against a broad basket of currencies.

The U.S. Dollar Index has recently managed to decline below the support level at the 20 EMA at 92.60 and made an attempt to get to the test of the next support at the 50 EMA at 92.45. In case the U.S. Dollar Index declines below this level, it will move towards the support at 92.30 which will be bullish for silver and gold price today. Weak dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Meanwhile, gold moved towards the $1800 level. It should be noted that gold has already made several attempts to get back into the previous $1800 – $1830 trading range but these attempts yielded no results. If gold fails to get into this range, it will have a good chance to develop downside momentum and get to the test of the next support at $1775 which will be bearish for silver.

Gold/silver ratio failed to settle above the 20 EMA at 74.60 and declined towards the 74 level. A move below this level will push gold/silver ratio towards the recent lows at 73.60 which will be bullish for silver.

Technical Analysis

Silver received strong support near $23.80 and rebounded towards the resistance level at $24.20. If silver settles above this level, it will head towards the next resistance at $24.50.

A successful test of the resistance at $24.50 will push silver towards the next resistance which is located near the 50 EMA at $24.70. A move above this level will open the way to the test of the resistance at $25.00.

On the support side, the nearest support level for silver is located at $24.00. In case silver declines below this level, it will get to another test of the support at $23.80.

A successful test of the support at $23.80 will push silver towards the support level at $23.50. If silver settles below this level, it will move towards the next support at $23.20.

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