Silver Price Daily Forecast – Silver Remains Under Pressure As Dollar Moves Higher

Silver Moves Lower As Gold/Silver Ratio Continues To Increase

Silver continues its attempts to settle below the support at $25.00 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 93.10 but lost momentum and pulled back towards the 93 level. In case the U.S. Dollar Index manages to settle above 93.10, it will move towards the next resistance at 93.30 which will be bearish for silver and gold price today.

While silver is under pressure, gold is trying to settle above the resistance level which is located at the 50 EMA at $1815. If gold manages to settle above the 50 EMA, it will get to the test of the recent highs near $1835 which will be bullish for silver and other precious metals.

Gold/silver ratio managed to settle above the 72 level and is currently trying to settle above 72.50. RSI is in the overbought territory, and the risks of a pullback are increasing. However, the current momentum stays strong, and gold/silver ratio has a decent chance to continue its upside move. If gold/silver ratio manages to settle above 72.50, it will move towards the resistance at 73.50 which will be bearish for silver.

Technical Analysis

Silver is testing the support level at $25.00. If this test is successful, silver will move towards the next support at $24.70.

In case silver manages to settle below this level, it will head towards the next support level which is located at $24.50. A successful test of the support at $24.50 will open the way to the test of the support at $24.20.

On the upside, silver needs to stay above $25.00 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.30.

If silver manages to get back above $25.30, it will head towards the resistance at $25.50. A move above $25.50 will push silver towards the resistance at $25.80.

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