Silver Price Daily Forecast – Test Of Support At $25.00Silver declined below the support at $25.50 and tested the support at $25.00.
Silver Remains Under Significant Pressure
Silver has recently made an attempt to settle below the support at $25.00 while the U.S. dollar moved higher against a broad basket of currencies.
The U.S. Dollar Index managed to get above the resistance at 92.80 and tested the 93 level. In case the U.S. Dollar Index settles above 93, it will get to the test of the next resistance level at 93.10 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
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Meanwhile, gold tested the support at $1800 but failed to develop sufficient downside momentum. The nearest significant resistance level for gold is located at the 50 EMA at $1815. If gold manages to settle back above this level, it will move towards the recent highs at $1835 which will be bullish for silver and other precious metals.
Gold/silver ratio gained strong upside momentum after it managed to get above the 70 level. Gold/silver ratio has already moved above the 71 level and is tyring to get to the test of the 72 level. If this attempt is successful, silver will find itself under more pressure.
Silver has recently managed to settle below the support at $25.50 and tried to settle below the next support level at $25.30. If silver manages to settle below this level, it will have a good chance to get to another test of the support at $25.00.
In case silver declines below $25.00, it will head towards the next support at $24.70. A successful test of this level will open the way to the test of the support at $24.50.
On the upside, the previous support at $25.50 will serve as the first resistance level for silver. If silver gets back above this level, it will move towards the next resistance at $25.80. A move above $25.80 will push silver back into the $25.80 – $26.30 range.
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