Silver Price Daily Forecast – Silver Retreats As Gold/Silver Ratio Rallies

Silver ETF Is Under Strong Pressure While U.S. Dollar Stays Close To Yearly Highs

Silver is currently trying to settle below the support level at $23.50 while the U.S. dollar is mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust is testing the support level at $21.80.

The U.S. Dollar Index has recently made another attempt to settle above the resistance at 96.50 but failed to develop sufficient upside momentum. However, the U.S. Dollar Index remains close to this resistance level. In case the U.S. Dollar Index manages to settle above 96.50, it will continue its rally and head towards the resistance level at 96.70 which will be bearish for silver and gold price today.

Gold has recently managed to get below the psychologically important $1800 level while SPDR Gold Trust declined towards $167.50. In case gold settles below $1800, it will move towards the support level at $1775 which will be bearish for silver.

Gold/silver ratio gained strong upside momentum and managed to settle above the 50 EMA at 75.10. Currently, gold/silver ratio is trying to settle above the 76 level. In case this attempt is successful, gold/silver ratio will move towards the resistance at 76.50 which will be bearish for silver.

Technical Analysis

Silver is testing the support level at $23.50. In case this test is successful, silver will move towards the next support which is located at $23.20.

A successful test of the support at $23.20 will open the way to the test of the support at $22.90. If silver declines below this level, it will move towards the next support at $22.60.

On the upside, a move above $23.50 will push silver back towards the resistance level at $23.90. In case silver gets back above this level, it will move towards the next resistance which is located at the 50 EMA at $24.05. A move above the 50 EMA will open the way to the test of the resistance at $24.25.

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