Silver Price Daily Forecast – Test Of Resistance At $24.20

Silver Moves Higher As Dollar Retreats

Silver is currently trying to settle above the resistance at $24.20 while the U.S. dollar is moving lower against a broad basket of currencies.

The U.S. Dollar Index faced strong resistance near the 20 EMA near 92.75 and declined towards the support at the 50 EMA at 92.45. A move below this level will push the U.S. Dollar Index towards the next support at 92.30 which will be bullish for silver and gold price today.

Meanwhile, gold made an attempt to get above $1820 but failed to develop sufficient upside momentum and pulled back. The nearest support level for gold is located at the 50 EMA at $1800. The 20 EMA is in the nearby so gold will likely get strong support in this area. In case gold manages to settle below the 50 EMA and the 20 EMA, it will gain downside momentum and head towards the support at $1775 which will be bearish for silver and other precious metals.

Gold/silver ratio has recently managed to get below the 75 level and is trying to get to the test of the support at the 20 EMA at 74.80. A move below the 20 EMA will signal that gold/silver ratio will try to gain additional downside momentum which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $24.00 and is testing the next resistance level at $24.20. In case this test is successful, silver will gain additional upside momentum and head towards the resistance at $24.50.

A move above the resistance at $24.50 will open the way to the test of the next resistance which is located near the 50 EMA at $24.70. In case silver settles above the 50 EMA, it will head towards the resistance at $25.00.

On the support side, the previous resistance at the 20 EMA at $24.00 will serve as the first support level for silver. In case silver declines below this level, it will move towards the next support at $23.80. A successful test of this level will push silver towards the support at $23.50.

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