Silver

Silver Price Daily Forecast – Silver Rebounds As Dollar Pulls Back From Recent Highs

Silver Is Moving Higher While Gold Is Testing Resistance At $1800

Silver is currently trying to settle back above $23.50 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index managed to settle below the support at 93.40 and made an attempt to settle below the next support level which is located at 93.10. In case the U.S. Dollar Index settles below 93.10, it will gain additional downside momentum and head towards the support at the 20 EMA at 92.85 which will be bullish for silver and gold price today.

Gold is testing the important resistance level at $1800. If gold settles above this level, it wil move towards the next resistance at $1830 which will provide more support to silver and other precious metals.

Meanwhile, gold/silver ratio pulled back below the 77 level and is trying to settle below 76.50. If this attempt is successful, gold/silver ratio will move closer to the support level at 75.65 which will be bullish for silver.

Technical Analysis

silver august 23 2021

Silver received support at $22.90 and rebounded towards the resistance at $23.50. In case silver manages to settle above this level, it will get to the test of the next resistance level at $23.80. RSI is in the moderate territory, and there is enough room to develop additional upside momentum.

A successful test of the resistance at $23.80 will open the way to the test of the next resistance which is located near the 20 EMA at $24.00. If silver moves above the 20 EMA, it will head towards the resistance level at $24.20. A move above this level will push silver towards the resistance at $24.50.

On the support side, the nearest support level for silver is located at $23.20. If silver declines below this level, it will head towards the support which is located at the recent lows at $22.90. A successful test of this support level will open the way to the test of the next support at $22.60.

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