Silver Price Daily Forecast – Silver Remains Under Strong Pressure

Silver ETF Declines Ahead Of Fed Decision

Silver settled below the support level at $23.50 and is testing the next support at $23.20 while the U.S. dollar is mostly flat against a broad basket of currencies. Silver ETF slipped below $21.50 and made an attempt to settle below $21.40.

The U.S. Dollar Index failed to settle below the 94 level and moved closer to 94.15. The nearest resistance level for the U.S. Dollar Index is located at 94.20. In case the U.S. Dollar Index gets above this level, it will head towards 94.50 which will be bearish for silver and gold price today.

Gold managed to get below the $1775 level and continues to move lower. Meanwhile, Gold ETF declined towards the $165 level. The next support level for gold is located at $1750. In case gold gets to the test of this level, silver will find itself under more pressure.

Gold/silver ratio settled above the 76 level and is testing the resistance at yesterday’s highs at 76.40. If gold/silver ratio manages to settle above this level, it will move towards the 77 level which will be bearish for silver.

Technical Analysis

Silver gained downside momentum and is currently trying to settle below the support at $23.20. If this attempt is successful, it will get to the test of the next support level at $23.00. RSI is in the moderate territory so there is plenty of room to gain additional momentum in case the right catalysts emerge.

If silver settles below $23.00, it will head towards the support at $22.80. A successful test of this level will open the way to the test of the support at $22.50.

On the upside, a move above $23.20 will push silver towards the resistance level at $23.50. If silver settles back above this level, it will move towards the 50 EMA at $23.65. In case silver manages to settle above the 50 EMA, it will head towards the resistance level at $23.90.

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