Silver Price Daily Forecast – Silver Stays Range-Bound Despite Stronger Dollar

Silver Is Stuck In The $25.80 – $26.30 Range

Silver is moving closer to the high end of the current trading range at $26.30 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to get above the resistance at 92.40 after the release of U.S. inflation data. The U.S. Dollar Index faced some resistance near 92.70 and pulled back towards 92.60. If the U.S. Dollar Index manages to get above 92.70, it will get to the test of the resistance level at 92.80 which will be bearish for silver and gold price today.

Meanwhile, gold received support near $1800 and rebounded towards the resistance level which is located at the 50 EMA at $1815. If gold manages to settle above the 50 EMA, it will gain additional upside momentum and head towards the next resistance at $1830 which will be bullish for silver.

Gold/silver ratio failed to settle below the 69 level and is moving towards the recent highs at 69.73. A move above this level will open the way to the test of the 70 level which will be bearish for silver.

Technical Analysis

Silver remains range-bound, and the technical picture for silver has not changed much in recent trading sessions.

The nearest resistance level is located at the 20 EMA at $26.30. If silver gets above the 20 EMA, it will move towards the next resistance at the 50 EMA at $26.60. A successful test of this level will open the way to the test of the next resistance at $27.00. If silver manages to settle above $27.00, it will head towards the next resistance level at $27.25.

On the support side, the nearest support level for silver is still located at $25.80. A move below this level will be a worrisome development for the bulls as it will indicate that silver is trying to develop additional downside momentum. A successful test of the support at $25.80 will push silver towards the support at $25.50. If silver gets below this level, it will head towards the support at $25.30.

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