Silver Price Daily Forecast – Silver Retreats As Treasury Yields RiseSilver settled below the support level at $24.50 and is testing the next support at $24.20.
Silver Is Under Pressure
Silver has recently made an attempt to settle below the support level at $24.20 while the U.S. dollar moved higher against a broad basket of currencies.
The U.S. Dollar Index is currently testing the resistance level which is located at the 50 EMA at 92.40. In case silver manages to settle above this level, it will move towards the next resistance at the 20 EMA at 92.60 which will be bearish for silver and gold price today.
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Meanwhile, gold managed to get to the test of the important support level at $1800. If gold settles below this level, it will head towards the next support at $1775 which will be bearish for silver.
Gold/silver ratio has recently tried to settle above the 20 EMA at 74.65 but lost momentum and declined towards the 74 level. In case gold/silver ratio gets to another test of the resistance at the 20 EMA, silver will find itself under more pressure.
It should be noted that the yield of 10-year Treasuries is currently trying to settle above August highs near 1.38% which is bearish for precious metals. In case Treasury yields gain additional upside momentum, silver will move lower.
Silver is currently trying to get below the support level which is located near the 20 EMA at $24.20. In case this attempt is successful, silver will move towards the next support at $24.00.
A move below the support level at $24.00 will open the way to the test of the support at $23.80. If silver manages to settle below $23.80, it will head towards the support at $23.50.
On the upside, the previous support level at $24.50 will serve as the first resistance level for silver. A successful test of the resistance at $24.50 will push silver towards the next resistance at the 50 EMA at $24.70. In case silver manages to settle above the 50 EMA at $24.70, it will continue its upside move and head towards the next resistance level at $25.00.
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