Silver Price Daily Forecast – Silver Retreats As Dollar Rallies To Yearly Highs

Silver ETF Declines After Jerome Powell Gets Renominated As Fed Chair

Silver is currently trying to settle below the support at $24.50 while the U.S. dollar is gaining ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the support at the 20 EMA at $22.60.

The U.S. Dollar Index has recently managed to get above the resistance at 96.25 and is moving towards the next resistance level at 96.50. The U.S. Dollar Index got a boost after Jerome Powell was renominated for his second term as the chair of the Federal Reserve. In case the U.S. Dollar Index manages to settle above the resistance at 96.50, it will move towards the next resistance level at 96.70 which will be bearish for silver and gold price today.

Gold has recently managed to settle below the support level at $1830 while SPDR Gold Trust made an attempt to settle below the $170 level. The nearest support level for gold is located at $1815. In case gold declines below this level, it will move towards the next support at $1800 which will be bearish for silver.

Gold/silver ratio managed to get below 74.50 and is moving towards the 74 level. In case gold/silver ratio moves below this level, it will head towards the support at 73.60 which will be bullish for silver.

Technical Analysis

Silver is currently trying to settle below the 20 EMA which is located near the support level at $24.50. In case silver settles below this level, it will get to the test of the support at $24.25.

A successful test fo the support at $24.25 will push silver towards the next support at the 50 EMA near $24.10. If silver declines below this level, it will head towards the support at $23.90.

On the upside, a move above $24.50 will push silver towards the resistance level at $24.80. In case silver gets back above $24.80, it will head towards the resistance at $25.00. If silver climbs above the resistance at $25.00, it will move towards the next resistance level which is located at $25.30.

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