Silver Price Daily Forecast – Silver Stays Glued To Support At $22.30

Silver ETF Is Mostly Flat Despite Stronger Dollar And Higher Treasury Yields

Silver has recently made another attempt to settle below the support at $22.30 but failed to develop sufficient downside momentum and moved higher while the U.S. dollar gained ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle back above $20.80.

The U.S. Dollar Index is currently testing the resistance level at 96.50. In case this test is successful, the U.S. Dollar Index will move towards the next resistance at 96.70 which will be bearish for silver and gold price today.

Gold failed to settle below the support at $1775 and rebounded towards $1780 while SPDR Gold Trust moved towards $166.50. In case gold manages to settle above $1780, it will try to gain additional upside momentum and move closer to the 50 EMA at $1795 which will be bullish for silver.

Gold/silver ratio faced strong resistance near the 80 level and pulled back towards 79.50. In case gold/silver ratio manages to settle below this level, it will head towards 79 which will be bullish for silver.

It should be noted that the yield of 2-year Treasuries moved to yearly highs today, but higher yields failed to put pressure on gold and silver.

Technical Analysis

Silver continues to trade near the support level at $22.30. In case silver stays above this level, it will move towards the resistance at $22.60.

A successful test of the resistance at $22.60 will push silver towards the next resistance level which is located at $22.90. In case silver gets above $22.90, it will head towards the resistance at $23.20.

On the support side, a move below the support at $22.30 will push silver towards the next support level at $22.10. If silver gets below this level, it will head towards the support at $21.90. A successful test of the support level at $21.90 will open the way to the test of the next support at $21.50.

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