Silver Price Daily Forecast – Silver Slides As U.S. Dollar Moves Higher

Silver Remains Under Pressure

Silver is currently trying to settle below the support at $23.20 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to get above the 93 level and is testing the next resistance at 93.10. In case the U.S. Dollar Index manages to settle above this level, it will gain additional upside momentum and head towards the resistance at March highs near 93.40 which will be bearish for silver and gold price today.

Gold tried to stabilize after the two-day sell-off but this attempt yielded no results. Currently, gold is trying to settle below the support at $1720. If gold declines below this level, it will head towards the support at $1700 which will be bearish for silver and other precious metals.

Gold/silver ratio is testing the 74 level. RSI for gold/silver ratio is closer to the overbought territory but there is enough room to develop additional upside momentum. In case gold/silver ratio settles above 74, it will continue its upside move and head towards yearly highs near 74.75 which will be bearish for silver.

Technical Analysis

Silver managed to settle below the support level at $23.50 and is testing the next support which is located at $23.20. RSI is in the oversold territory and the risks of a rebound are increasing, but the current downside momentum remains strong.

In case silver settles below $23.20, it will head towards the support at $22.90. A successful test of this level will open the way to the test of the support at $22.60.

On the upside, the previous support level at $23.50 will serve as the first resistance level for silver. In case silver manages to settle back above this level, it will head towards the next resistance at $23.80. A move above the resistance at $23.80 will push silver towards the resistance at $24.00. If silver gets above $24.00, it will head towards the resistance at $24.20.

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