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Silver Price Daily Forecast – Silver Retreats While Gold Rebounds

·2 min read

Silver ETF Keeps Moving Lower

Silver managed to get below the support at $22.90 and is trying to settle below the support level at $22.60 while the U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below the $21 level.

The U.S. Dollar Index failed to settle above the resistance at 96 and declined towards the nearest support level at 95.75. In case the U.S. Dollar Index manages to settle below this level, it will head towards the support at the 20 EMA at 95.60 which will be bullish for silver and gold price today.

Gold failed to settle below the support level at $1775 and rebounded towards $1785 while SPDR Gold Trust moved towards the $167 level. The support level at $1775 has already been tested many times in recent trading sessions and proved its strength. In case gold manages to settle below this level, it will head towards the key support level at $1750 which will be bearish for silver.

Gold/silver ratio continues to move higher. Currently, it is trying to settle above yesterday’s highs at 78.65. In case this attempt is successful, gold/silver ratio will move towards the 79 level which will be bearish for silver.

Technical Analysis

Silver is currently trying to settle below the support at $22.60. If silver manages to settle below this level, it will head towards the next support at $22.30.

A move below the support at $22.30 will open the way to the test of the support at $22.10. If silver declines below this level, it will move towards the support level which is located at $21.90.

On the upside, the previous support at $22.90 will serve as the first resistance level for silver. If silver climbs back above this level, it will move towards the resistance at $23.20. A successful test of this level will push silver towards the next resistance level at $23.50.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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