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Silver Price Daily Forecast – Test Of Resistance At $23.15

By:
Vladimir Zernov
Published: Dec 28, 2021, 14:59 UTC

Silver settled above $22.90 and is testing the next resistance at the 50 EMA.

Silver

In this article:

Silver ETF Gain Ground While Gold Tests Resistance At $1815

Silver is currently trying to settle above the 50 EMA at $23.15 while U.S. dollar is gaining some ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle above $21.50.

The U.S. Dollar Index is still located in the range between the support at 96 and the resistance at 96.25. It has recently made another attempt to settle below the 96 level but failed to develop sufficient downside momentum and rebounded towards 96.15. In case the U.S. Dollar Index gets back above 96.25, it will move towards the resistance at 96.50 which will be bearish for silver and gold price today.

Gold is testing the resistance level at $1815 while SDPR Gold Trust is testing the resistance at $169.50. If gold manages to settle above $1815, it will gain additional upside momentum and move towards the next resistance at $1830 which will be bullish for silver.

Gold/silver ratio has recently managed to get below 78 and made an attempt to settle below the support at the 50 EMA at 77.70. In case gold/silver ratio settles below the 50 EMA, it will gain additional downside momentum which will be bullish for silver.

Technical Analysis

silver december 28 2021

Silver managed to settle above $22.90 and is testing the resistance at the 50 EMA at $23.15. In case silver manages to settle above the 50 EMA, it will gain upside momentum and head towards the next resistance level at $23.50.

A move above the resistance at $23.50 will push silver towards the resistance level at $23.70. In case silver gets above the resistance at $23.70, it will head towards the next resistance level which is located at $23.90.

On the support side, the previous resistance level at $22.90 will serve as the first support level for silver. In case silver declines below this level, it will move towards the next support at the 20 EMA at $22.75. A successful test of the support at the 20 EMA will open the way to the test of the next support level at $22.60.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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