Silver Price Daily Forecast – Resistance At The 20 EMA Remains Strong

Silver Failed To Continue Its Rebound

Silver made an attempt to get to the test of the resistance at the 20 EMA at $25.75 but lost momentum and pulled back while the U.S. dollar gained some ground against a broad basket of currencies.

The U.S. Dollar index gained upside momentum and managed to get above the resistance at the 20 EMA at 90.20. The next material resistance level for the U.S. Dollar Index is located at 90.50. A move above the resistance at 90.50 may put some pressure on silver and gold price today.

Gold is mostly flat despite stronger U.S. dollar. Currently, gold is trying to settle above the $1850 level. The nearest resistance level for gold has emerged at $1865. In case gold settles above this level, it will head towards the next resistance at the 50 EMA at $1875 which will be bullish for silver and other precious metals.

Gold/silver ratio received support near the 20 EMA at 72.70 and is trying to settle above the 73 level. If this attempt is successful, gold/silver ratio will have a chance to get to the test of the 50 EMA at 74.40 which will be bearish for silver.

Technical Analysis

Silver pulled back from recent highs but continued its attempts to settle above the resistance level at $25.55. RSI is in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If silver settles above $25.55, it will have a chance to get to the test of the resistance at the 20 EMA at $25.75. A move above the 20 EMA will push silver towards the next material resistance level which is located at $26.30.

On the support side, the nearest support area for silver is located between the 50 EMA at $25.20 and the support level at $25.30. Silver has already made an attempt to settle below this support area during the current trading session but failed to gain sufficient downside momentum.

If silver declines below the 50 EMA, it will quickly get to the test of the next support level at $25.00. A move below this level will open the way to the test of the support at $24.70.