Silver Price Daily Forecast – Support At $22.10 Stays Strong
Silver Remains Under Pressure
Silver has recently made another attempt to settle below the support level at $22.10 but failed to develop sufficient downside momentum and moved back above $22.30 while the U.S. dollar gained ground against a broad basket of currencies.
The U.S. Dollar Index is currently trying to settle above the resistance at the yearly highs at 93.75. In case this attempt is successful, the U.S. Dollar Index will move towards the resistance at 93.90 which will be bearish for silver and gold price today.
Meanwhile, Treasury yields moved to new highs which put additional pressure on precious metals. Gold slipped below the $1750 level and made an attempt to get to the test of the support at $1720. If gold manages to settle below $1720, it will gain additional downside momentum and head towards the support at $1700 which will be bearish for silver.
Gold/silver ratio faced resistance at the 78 level and pulled back towards 77.50. If gold/silver ratio settles below this level, it will head towards the 77 level which will be bullish for silver.
Silver is currently trying to settle back above $22.30. In case this attempt is successful, silver will move towards the resistance level at $22.60. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
In case silver settles back above $22.60, it will move towards the resistance at $22.90. A successful test of this level will push silver towards the resistance at the 20 EMA near $23.15.
On the support side, silver needs to get back below $22.30 to have a chance to develop downside momentum in the near term. The next support level is located at the recent lows at $22.10. This level has already been tested several times and proved its strength.
In case silver declines below $22.10, it will move towards the support at $21.90. A move below $21.90 will push silver towards the next support level at $21.65.
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