Silver Price Daily Forecast – Support At $22.30 Stays Strong
Silver ETF Rebounds
The U.S. Dollar Index declined below the 96 level and is trying to develop downside momentum. The next support level for the U.S. Dollar Index is located at 95.75. A move towards this level will be bullish for silver and gold price today.
Meanwhile, gold continues its attempts to settle below the support level at $1775 while SPDR Gold Trust is trying to settle below the $166 level. If gold declines below the support at $1775, it will gain additional downside momentum and move towards the major support level at $1750 which will be bearish for silver.
Gold/silver ratio faced resistance near the 80 level and is pulling back. The nearest material support level for gold/silver ratio is located at 79. A move below this level will push gold/silver ratio towards the support at 78.65 which will be bullish for silver.
Silver is currently trying to stay above the support at $22.30. In case this attempt is successful, it will move towards the resistance at $22.60.
A move above the resistance at $22.60 will push silver towards the next resistance level which is located at $22.90. In case silver gets above $22.90, it will move towards the resistance at $23.20. A successful test of this level will push silver towards the resistance at $23.50.
On the support side, a move below $22.30 will push silver towards the support at $22.10. RSI is close to the oversold territory, but there is plenty of room to gain downside momentum in case the right catalysts emerge. If silver settles below the support level at $22.10, it will head towards the next support level at $21.90. A successful test of this level will open the way to the test of the support at $21.50.
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