Silver Price Daily Forecast – Test Of Support At $25.50

Silver Is Under Strong Pressure

Silver is currently trying to settle below the support level at $25.50 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the resistance at 92 and made an attempt to settle above 92.15. If the U.S. Dollar Index settles above this level, it will head towards the recent highs at 92.40 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.

Meanwhile, gold is testing the support at $1750. RSI is close to the oversold territory but there is enough room to gain additional downside momentum in case the right catalysts emerge. In case the test of the support at $1750 is successful, gold will gain additional downside momentum and head towards the next support at $1720 which will be bearish for silver and other precious metals.

Gold/silver ratio failed to settle below the support at the 50 EMA at 68 and is moving higher. The nearest resistance for gold/silver ratio is located at 68.70. If gold/silver ratio gets to the test of this level, silver will find itself under more pressure.

Silver managed to get below the support at $25.80 and made an attempt to settle below the next support level at $25.50.

In case silver settles below the support at $25.50, it will gain additional downside momentum and head towards the next support level at $25.30. A successful test of this level will open the way to the test of the support at $25.00.

On the upside, the previous support at $25.80 will serve as the first resistance level for silver. In case silver manages to get back above this level, it will move towards the resistance at $26.30.

A move above $26.30 will open the way to the test of the resistance at the 20 EMA at $26.60. If silver gets above the 20 EMA, it will head towards the resistance at the 50 EMA at $26.80.