Silver Price Daily Forecast – Support At $25.80 Stays Strong

Silver Rebounds After Recent Sell-Off

Silver has recently made an attempt to settle below the support at $25.80 but lost momentum and rebounded towards $26.00 while the U.S. dollar lost ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle below the support at 92. In case this attempt is successful, the U.S. Dollar Index will head towards the next support level at 91.80 which will be bullish for silver and gold price today.

Weaker dollar also provided support to gold which is trying to settle above $1775. If gold manages to settle above this level, it will move towards the resistance at $1800 which will be bullish for silver.

Gold/silver ratio has recently made another attempt to settle above the resistance at 68.70 but failed to develop sufficient upside momentum and pulled back. In case gold/silver ratio settles above 68.70, it will have a good chance to get into 69 – 70 range which will be bearish for silver.

Technical Analysis

Silver did not manage to settle below the support at $25.80 and made an attempt to settle above $26.00. If silver gets above $26.00, it will have a good chance to get to the test of the nearest resistance level at $26.30.

A move above the resistance at $26.30 will open the way to the test of the next resistance level which is located at $26.65. If silver manages to settle above the resistance at $26.65, it will head towards the next resistance level at the 50 EMA at $27.00.

On the support side, silver needs to settle below the support at $25.80 to develop additional downside momentum in the near term. RSI remains in the moderate territory, and there is enough room to gain additional momentum in case the right catalysts emerge.

If silver settles below the support at $25.80, it will move towards the next support level at $25.50. A move below this level will push silver towards the support at $25.30. If silver declines below the support at $25.30, it will head towards the next support at $25.00.

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