Silver Price Daily Forecast – Silver Retreats Amid Global Market Sell-Off

Silver ETF Declines Despite Weaker Dollar

Silver is currently trying to settle back below the support at $22.20 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below $20.50.

The U.S. Dollar Index failed to settle above the resistance at 96.70 and declined below the support at 96.50. Currently, it is trying to get to the test of the next support level at 96.25. A move below this level will push the U.S. Dollar Index towards the support at 96 which will be bullish for silver and gold price today.

Gold has recently moved back below the $1800 level while SPDR Gold Trust tested the 50 EMA at $167.70. In case gold settles below $1800, it will move towards the support level at $1775 which will be bearish for silver.

Gold/silver ratio has once again received support near the 80 level and moved above 80.50. The nearest significant resistance level for gold/silver ratio is located at 81. If gold/silver ratio settles above 81, it will head towards the resistance at 81.35 which will be bearish for silver.

It looks that general market sell-off had a negative impact on silver and gold price today. The recent setback for Biden’s Build Back Better plan may have also served as a bearish catalyst for precious metals.

Technical Analysis

Silver managed to get below the support at $22.30 and is trying to develop additional downside momentum. The next support level for silver is located at $22.10.

If silver declines below the support at $22.10, it will move towards the next support level at $21.90. A successful test of this level will push silver towards the next support which is located near the recent lows at $21.50.

On the upside, a move above $22.30 will push silver back towards the resistance at $22.60. If silver settles above this level, it will head towards the next resistance at $22.75. A move above $22.75 will open the way to the test of the resistance level at $22.90.

For a look at all of today’s economic events, check out our economic calendar.