Silver Price Daily Forecast – Silver Retreats As Demand For Safe-Haven Assets Declines

Silver Is Under Pressure

Silver is currently trying to settle back below the $24 level while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index is stuck in the range between the support level at 93.80 and the resistance level at 94. In case the U.S. Dollar Index gets above the resistance at 94, it will head towards the next resistance level at 94.20 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Meanwhile, gold declined below the $1800 level and is trying to gain additional downside momentum. In case this attempt is successful, gold will get to the test of the 50 EMA at $1780 which will be bearish for silver.

Gold/silver ratio is currently testing the resistance at 74.50. If this test is successful, gold/silver ratio will move towards the 75 level which will be bearish for silver.

It should be noted that gold and silver are under pressure while the U.S. dollar and Treasury yields lack momentum, and it looks that weakness of precious metals is caused by declining demand for safe-haven assets.

Technical Analysis

Silver managed to settle below the support level at $24.30 and is trying to get to the test of the next support level at $23.90.

In case silver declines below $23.90, it will move towards the support which is located at the 50 EMA at $23.60. A successful test of the support at $23.60 will push silver towards the support at $23.20. A move below $23.20 will open the way to the test of the support at $23.00.

On the upside, the previous support at $24.30 will serve as the first resistance level for silver. In case silver gets back above this level, it will head towards the resistance at $24.50. A successful test of the resistance at $24.50 will push silver towards the resistance at the recent highs at $24.80.

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