Silver Price Daily Forecast – Support At $24.00 Remains Strong

Silver Video 31.03.21.

Silver Tries To Rebound

Silver has recently made another attempt to settle below the support at $24.00 but failed to develop sufficient downside momentum and pulled back while the U.S. dollar lost some ground against a broad basket of currencies.

The U.S. Dollar Index did not manage to settle above the resistance at 93.40 and pulled back towards the support at 93.20. Currently, the U.S. Dollar Index is trying to settle below this support level. If this attempt is successful, the U.S. Dollar Index will decline towards the next support at the 93 level which will be bullish for silver and gold price today.

Gold found support near monthly lows at $1675 and is trying to get back to the $1700 level. If gold manages to get above the resistance at $1700, it will gain upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio managed to get above the 70 level and continued to move higher. The next resistance for gold/silver ratio is located at the recent highs at 70.70. A move above this level will signal that gold/silver ratio is ready to continue its upside trend which will be bearish for silver.

Technical Analysis

Silver received support near $23.80 and rebounded back above $24.00. The nearest resistance level for silver is located at $24.20. In case silver manages to settle above this level, it will move towards the next resistance at $24.50.

A successful test of the resistance at $24.50 will open the way to the test of the resistance at $24.70. If silver gets above this level, it will head towards the resistance at $25.00.

On the support side, the nearest support level for silver is still located at $24.00. If silver gets below this level, it will have another chance to get to the test of the support at $23.70.

A move below $23.70 will push silver towards the support at $23.50. If silver gets below the support at $23.50, it will head towards the next support at $23.20.

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