Silver Price Daily Forecast – Test Of Support At $23.80

Silver Pulls Back As Dollar Moves Higher

Silver is currently trying to settle below the support at $23.80 while the U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 93.10 but failed to develop sufficient upside momentum and pulled back. If the U.S. Dollar Index gets back above 93.10, it will move towards the resistance at 93.40 which will be bearish for silver and gold price today.

Gold declined below the psychologically important support level at $1800 and is trying to settle below the 20 EMA near $1790. In case gold manages to settle below this level, it will head towards the major support level at $1775 which will be bearish for silver.

Gold/silver ratio settled below 75.50 and continues to move towards the 75 level. In case gold declines below this level, it will move towards the support at 74.80 which will be bullish for silver.

It should be noted that traders are waiting for the important Jackson Hole Symposium which will begin on Thursday, and precious metals markets may remain choppy in the remaining trading sessions of this week.

Technical Analysis

Silver failed to settle above the resistance at $24.00 and pulled back below the support level at $23.80. The next support level for silver is located at $23.50. If silver manages to settle below $23.50, it will head towards the support at $23.20.

A move below $23.20 will open the way to the test of the next support level which is located near recent lows at $22.90. In case silver declines below this level, it will head towards the support at $22.60.

On the upside, silver needs to get back above $23.80 to have a chance to develop upside momentum in the near term. The next resistance level is located at $24.00. A move above $24.00 will push silver towards the resistance at $24.20. If silver gets above $24.20, it will move towards the resistance at $24.50.

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