Silver Price Daily Forecast – Silver Retreats While Gold Slips Below $1800

Silver ETF Is Under Strong Pressure

Silver is currently trying to settle back below the support at $22.60 while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below the $21 level.

The U.S. Dollar Index is currently testing the support level at 96. In case the U.S. Dollar Index settles below this level, it will gain additional downside momentum and move towards the next support level at 95.75 which would be bullish for silver and gold price today.

Gold has recently managed to get below the support level at $1800 while SPDR Gold Trust declined below the 50 EMA at $167.85. In case gold manages to settle below $1800, it will move towards the next support level at $1775 which will be bearish for silver.

Gold/silver ratio has managed to get back above the 20 EMA at 78.95 and is trying to gain additional upside momentum. In case this attempt is successful, it will head towards 79.50 which will be bearish for silver.

Technical Analysis

Silver managed to get below the 20 EMA which is located near $23.75 and is trying to develop additional downside momentum. Currently, silver is testing the support level at $22.60.

In case silver manages to settle below this support level, it will head towards the next support at $22.30. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge. If silver settles below the support at $22.30, it will continue its pullback and head towards the next support at $22.10. A move below this level will push silver towards the support level at $21.90.

On the upside, silver needs to get back above the 20 EMA to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $22.90. If silver gets above this level, it will head towards the resistance at the 50 EMA which is located near $23.15.

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