Silver Price Daily Forecast – Silver Tries To Gain Some Ground While Gold Stays Flat

Silver Attempts To Move Higher

Silver is currently trying to settle above the 20 EMA at $25.55 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index managed to get back above the 92 level and is slowly moving towards the nearest resistance level which is located at 92.15. If the U.S. Dollar Index gets above this level, it will head towards the resistance at the 20 EMA at 92.30 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Gold is currently trying to get above the 50 EMA which is located near $1810. In case this attempt is successful, gold will move towards the recent highs near $1830 which will be bullish for silver and other precious metals.

Gold/silver ratio is testing the support level at 71. In case gold/silver ratio declines below this level, it will head towards the support at the 20 EMA at 70.80 which will be bullish for silver.

Technical Analysis

Silver is testing the nearest resistance level at the 20 EMA at $25.55. This resistance level has been tested several times and proved its strength. In case silver manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance at $25.80.

If silver gets above the resistance at $25.80, it will head towards the next resistance which is located at the 50 EMA at $26.05. A successful test of this level will open the way to the test of the resistance at $26.30.

On the support side, the nearest support level for silver is located at $25.30. If silver declines below this level, it will move towards the next support at $25.00.

A move below the support at $25.00 will push silver towards the support level at $24.70. In case silver gets below $24.70, it will head towards the next support at $24.50.

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