Silver Price Daily Forecast – Test Of Support At $24.80

Silver ETF Declines As Gold/Silver Ratio Moves Higher

Silver has recently made an attempt to settle below the support at $24.80 while the U.S. dollar moved lower against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to get below the $23 level.

The U.S. Dollar Index is currently testing the support level at 93.75. If this test is successful, the U.S. Dollar Index will move towards the next support at 93.40 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold remains stuck in the tight $1855 – $1870 range while SPDR Gold Trust is moving towards the $174 level. In case gold declines below $1855, it will head towards the support level at $1845 which will be bearish for silver.

Gold/silver ratio has managed to settle above 74.50 and made an attempt to settle above the 50 EMA at 75.10. In case gold/silver ratio settles above the resistance at the 50 EMA, it will gain additional upside momentum and head towards the next resistance level at 75.50 which will be bearish for silver.

Technical Analysis

Silver is testing the support level at $24.80. In case silver manages to settle below the support level at $24.80, it will gain additional downside momentum and head towards the next support which is located at $24.50. The 20 EMA is located in the nearby, and silver may get material support in the $24.40 – $24.50 area.

If silver gets below the 20 EMA, it will move towards the next support level at $24.25. A successful test of this support level will open the way to the test of the support which is located at the 50 EMA at $24.05.

On the upside, silver needs to settle back above the $25 level to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.30.

If silver manages to get above this level, it will move towards the resistance at $25.50. In case silver settles above $25.50, it will head towards the next resistance level at $25.80.

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