Silver Price Daily Forecast – Silver Stays Range-Bound
Silver ETF Is Losing Ground As Treasury Yields Move Higher
Silver is still stuck in a right range between the support at $22.30 and the resistance at $22.60 while U.S. dollar is moving lower against a broad basket of currencies. Meanwhile, iShares Silver Trust is trading near $20.70.
The U.S. Dollar Index has recently managed to settle back below the support at 96.25 and is moving towards the 96 level. In case the U.S. Dollar Index moves below 96, it will head towards the support at 95.75 which will be bullish for silver and gold price today.
Gold has recently made an attempt to get to the test of the 20 EMA at $1795 but lost momentum and pulled back towards $1780 as Treasury yields continued to move higher. Meanwhile, SPDR Gold Trust faced resistance near $166.50 and moved a bit lower. The nearest support level for gold is located at $1775. In case gold settles below this level, it will head towards the support at $1750 which will be bearish for silver.
Gold/silver ratio has recently moved back above 79.50 and is moving towards the important 80 level. In case gold/silver ratio settles above 80, it will gain additional upside momentum which will be bearish for silver.
Silver has recently made another attempt to settle above the resistance at $22.60 but lost momentum and declined towards the support level at $22.30. In case silver manages to settle below the support at $22.30, it will gain additional downside momentum and head towards the next support at $22.10.
A move below $22.10 will open the way to the test of the support at $21.90. If silver declines below this support level, it will move towards the next support at $21.50.
On the upside, a move above $22.60 will push silver towards the resistance level at $22.90. If silver climbs above $22.90, it will head towards the next resistance level which is located at the 20 EMA at $23.20.
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