Silver Price Daily Forecast – Silver Remains Stuck Near $22.60

Silver ETF Gains Ground As Dollar Declines

Silver continues its attempts to settle above the resistance level at $22.60 while U.S. dollar is under pressure against a broad basket of currencies. Meanwhile, iShares Silver Trust made an attempt to get above the $21 level.

The U.S. Dollar Index has recently managed to settle below 96.50 and is trying to settle below the next support level at 96.25. In case this attempt is successful, the U.S. Dollar Index will move towards the next support level at 96 which will be bullish for silver and gold price today.

Gold remains stuck in a very tight range between $1785 and the resistance at the 50 EMA at $1795 while SPDR Gold Trust is trying to get below the 20 EMA at $167.30. If gold declines below $1785, it will move towards the support level at $1775 which will be bearish for silver.

Gold/silver ratio settled below 79.50 and is trying to settle below the 20 EMA at 79.05. In case gold/silver ratio manages to settle below this level, it will gain additional downside momentum which will be bullish for silver.

Technical Analysis

Silver continues to test the major resistance level at $22.60. If silver manages to settle above this level, it will get to the test of the next resistance which is located at $22.75.

A move above the resistance at $22.75 will push silver towards the resistance level at $22.90. In case silver settles above this level, it will head towards the next resistance which is located near the 50 EMA at $23.20.

On the support side, silver needs to settle below the support level at $22.30 to have a chance to develop downside momentum in the near term. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If silver gets below this level, it will head towards the support at $22.10. A successful test of the support at $22.10 will push silver towards the next support at $21.90.

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