Silver Price Daily Forecast – Silver Tries To Rebound After Major Sell-Off

Silver Attempts To Settle Above $25

Silver is currently trying to get back above the $25 level while U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index continues its attempts to settle above the resistance level at 93.10. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at 93.30 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Meanwhile, gold lost support from safe-haven buying. Currently, it is trying to get below the $1800 level. If gold manages to settle below this level, it will head towards the support at $1775 which will be bearish for silver.

Gold/silver ratio is declining after the recent rally. At this point, gold/silver ratio managed to get back below the 72 level while RSI moved back into the moderate territory. If gold/silver ratio gains additional downside momentum, it will head towards the support at 70.70 which will be bullish for silver.

Technical Analysis

Silver failed to settle below the support at $24.70 and is trying to settle back above $25.00. In case this attempt is successful, silver will move towards the next resistance level which is located at $25.30.

A successful test of the resistance at $25.30 will open the way to the test of the next resistance level at $25.50. If silver manages to settle above the resistance at $25.50, it will move towards the next resistance at $25.80.

On the support side, silver needs to get back below $25.00 to have a chance to develop downside momentum in the near term. The next support level is located at $24.70.

A move below $24.70 will open the way to the test of the support at $24.50. In case silver declines below this level, it will head towards the next support level which is located at $24.20.

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