Silver Price Daily Forecast – Silver Attempts To Recover After Huge Sell-Off

Silver Tried To Settle Below $22.00

Silver suffered a strong sell-off and made an attempt to get below the $22 level before rebounding towards $23.80 while the U.S. dollar was mostly flat against a broad basket of currencies.

The U.S. Dollar Index continues its attempts to settle above the nearest resistance level which is located at 92.80. If the U.S. Dollar Index settles above this level, it will move towards the next resistance near the recent highs at 93.10 which will be bearish for silver and gold price today.

Gold is also under serious pressure today. Gold made an attempt to settle below $1675 but lost momentum and moved closer to the resistance at $1750. In case gold manages to settle back above the resistance at $1750, it will head towards the next resistance at $1775 which will be bullish for silver.

It looks that both gold and silver suffered from sell-offs which were driven by traders’ protective stops that were put below key support levels.

Meanwhile, gold/silver ratio managed to get above the 73 level and made an attempt to get to the test of the 74 level. If gold/silver ratio gets to the test of this level, silver will find itself under more pressure.

Technical Analysis

silver august 9 2021

Silver managed to get above $23.50 and is currently trying to settle back above the resistance at $23.80.

In case silver settles above $23.80, it will head towards the next resistance at $24.00. A successful test of the resistance at $24.00 will open the way to the test of the resistance level which is located at $24.20.

On the support side, the nearest support level for silver is located at $23.50. In case silver manages to settle below this level, it will head towards the support at $23.20.

RSI has recently entered into the oversold territory but there is enough room to develop additional downside momentum. If silver declines below the support at $23.20, it will head towards the next support level at $22.90.

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