Silver Price Daily Forecast – Another Test Of Support At $25.80
Silver Is Under Pressure
Silver is currently trying to settle below the support at $25.80 while the U.S. dollar is gaining ground against a broad basket of currencies.
The U.S. Dollar Index is testing the resistance at the 92 level. If the U.S. Dollar Index manages to stay above this level, it will get to another test of the resistance at 92.15 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Meanwhile, gold is trying to settle below $1775. If gold declines below this level, it will head towards recent lows near $1760 which will be bearish for silver.
Gold/silver ratio continues its attempts to settle above the resistance at 68.70. If gold/silver ratio manages to settle above this level, it will gain additional upside momentum which will be bearish for silver.
Technical Analysis
Silver failed to settle above $26.00 and pulled back towards the support level at $25.80. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If silver manages to settle below the support at $25.80, it will head towards the next support level which is located at $25.50. A successful test of the support at $25.50 will open the way to the test of the next support at $25.30. If silver settles below $25.30, it will move towards the support level which is located at $25.00.
On the upside, silver needs to settle above $26.00 to have a chance to get to the test of the nearest significant resistance level at $26.30. In case silver manages to settle above the resistance at $26.30, it will head towards the next resistance at $26.65. A move above the resistance at $26.65 will push silver towards the resistance at $27.00. The 50 EMA and the 20 EMA are located near $27.00 so silver will likely face strong resistance near this level.
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This article was originally posted on FX Empire
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