Silver Price Daily Forecast – Silver Tries To Get Out Of The $25.80 – $26.30 Range

Another Test Of Resistance At $26.30

Silver is currently trying to settle above the resistance at $26.30 while the U.S. dollar is flat against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at 92.40 and pulled back towards 92.30. The nearest support level for the U.S. Dollar Index is located at 92.15. If the U.S. Dollar Index declines below this level, it will move towards the support at 92 which will be bullish for silver and gold price today.

Gold did not manage to settle below the support at $1750 and moved towards the resistance at $1775. If gold manages to settle above this level, it will head towards the $1800 level which will be bullish for silver.

Gold/silver ratio is trying to get back above the 50 EMA at 68. If gold/silver ratio manages to settle above the 50 EMA, it will move towards the resistance at 68.70 which will be bearish for silver.

It looks that silver and gold benefited from increased concerns about the spread of the Delta variant of coronavirus, but it remains to be seen whether it will be sufficient enough to push precious metals to higher levels.

Technical Analysis

Silver has recently made another attempt to settle above the resistance at $26.30. If silver manages to settle above this level, it will head towards the next resistance at the 20 EMA near $26.55.

A move above the 20 EMA will open the way to the test of the resistance at the 50 EMA at $26.75. In case silver manages to settle above this level, it will move towards the next resistance which is located at $27.00.

On the support side, the nearest support level for silver is located at $25.80. If silver declines below this level, it will move towards the next support which is located at the recent lows at $25.50. A move below the support at $25.50 will push silver towards the support at $25.30.

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