Silver Price Daily Forecast – Test Of Resistance At $24.00

Silver Gains Ground At The Start Of The Week

Silver is currently trying to settle above $24.00 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index received support near 92.60 and made an attempt to get to the test of the nearest resistance level at the 20 EMA near 92.80. In case the U.S. Dollar Index manages to settle back above the 20 EMA, it will head towards the next resistance level at 93.10 which will be bearish for silver and gold price today.

Meanwhile, gold continues to trade above the $1800 level. Gold has recently made an attempt to get to the test of the next resistance at $1830 but lost momentum and pulled back towards $1815. In case gold manages to settle above $1830, it will gain additional upside momentum and head towards the next resistance level at $1845 which will be bullish for silver and other precious metals.

Gold/silver ratio declined below 75.50 and is moving towards the 75 level. In case gold/silver ratio gets below 75, it will head towards the 20 EMA at 74.70 which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $23.80 and is trying to settle above the next resistance level at $24.00. In case this attempt is successful, silver will get to another test of the resistance at $24.20.

A move above $24.20 will push silver towards the resistance at $24.50. If silver settles above this level, it will head towards the next resistance level at $24.70. A successful test of the resistance at $24.70 will lead to the test of the resistance at the 50 EMA at $24.80.

On the support side, the previous resistance level at $23.80 will serve as the first support level for silver. In case silver declines below this level, it will head towards the next support at $23.50. A successful test of the support level at $23.50 will open the way to the test of the support level which is located at $23.20.

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