Silver Price Daily Forecast – Silver Tries To Settle Back Above The $25 Level

Silver ETF Rebounds As Dollar Retreats From Yearly Highs

Silver is currently trying to settle back above $25.00 while the U.S. dollar is mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get back above $23.20.

The U.S. Dollar Index has recently made an attempt to settle below the support at 95.75 but failed to develop sufficient downside momentum and rebounded towards 95.90. The nearest material resistance level for the U.S. Dollar Index is located at 96. If the U.S. Dollar Index gets back above this level, it will move towards the resistance at the yearly highs at 96.25 which will be bearish for silver and gold price today.

Gold is moving towards the resistance level at $1875 while SPDR Gold Trust is trying to get to the test of the resistance at $174.50. In case gold manages to settle above the $1875 level, it will gain additional upside momentum and head towards the $1900 level which will be bullish for silver.

Gold/silver ratio faced resistance at 74.50 and pulled back. The nearest support level for gold/silver ratio is located at 74. In case gold/silver ratio gets to the test of this level, silver will get more support.

Technical Analysis

Silver is currently testing the resistance level at $25.00. In case this test is successful, silver will move towards the next resistance at $25.30.

A successful test of the resistance at $25.30 will open the way to the test of the resistance at $25.50. In case silver climbs above $25.50, it will head towards the resistance level at $25.80. A move above this resistance level will push silver towards the next resistance at $26.00.

On the support side, a move below $25.00 will push silver towards the support at $24.80. In case silver manages to get below this level, it will head towards the next support at $24.50. A move below the support at $24.50 will open the way to the test of the support at $24.25, although silver may also get some support near the 20 EMA at $24.40.

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