Silver Price Daily Forecast – Silver Retreats On Stronger Dollar

Silver Is Losing Ground While Treasury Yields Rebound From Recent Lows

Silver made an attempt to get to the test of the resistance at $24.00 but lost momentum and pulled back towards the support at $23.50 while the U.S. dollar gained ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the resistance at 92.80 and is trying to settle above the 93 level. In case this attempt is successful, the U.S. Dollar Index will get to the test of the resistance at 93.10 which will be bearish for silver and gold price today.

Gold faced resistance near the $1800 level and pulled back closer to the 20 EMA at $1785. In case gold declines below this level, it will get to the test of the support at $1775 which will be bearish for silver and other precious metals.

It should be noted that both gold and silver enjoyed some support from safe-haven buying and lower Treasury yields today, but it looks that this support has almost evaporated as Treasury yields rebounded from their recent lows.

Meanwhile, gold/silver ratio continues its attempts to settle above the 75 level. In case gold/silver ratio finally manages to settle above 75, it will have a good chance to get above the next resistance level at 75.65 which will be bearish for silver.

Technical Analysis

Silver has recently declined below the support level at $23.80 and made an attempt to get to the test of the support at $23.50. If silver manages to settle below $23.50, it will gain additional downside momentum and head towards the next support at $23.20.

A move below the support at $23.20 will push silver towards the support at $22.90. In case silver declines below this level, it will move towards the next support level at $22.60.

On the upside, silver needs to get back above $23.80 to have a chance to develop upside momentum in the near term. The next resistance level is located at $24.00. If silver settles above this level, it will head towards the resistance at $24.20.

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