Silver Price Daily Forecast – Test Of Resistance At $23.30 – FX Empire

Silver Mixed In Thin Trading

Silver continues its attempts to settle above the nearest resistance level at $23.30 while the U.S. dollar is gaining some ground against a broad basket of currencies.

Today’s trading session was rather eventful for the U.S. dollar despite the holiday. The U.S. Dollar Index made an attempt to get to the test of the yearly lows at 91.75 but was stopped at 91.85 and rebounded above 92.10.

The recent strength of the U.S. dollar put some pressure on silver and gold price today but precious metals are still trying to rebound after the recent sell-off.

Gold found strong support near the $1800 level and is trying to settle above the nearest resistance level at $1815. If gold manages to get above this level, it will gain upside momentum and head towards the next resistance at $1850 which will be bullish for silver and other precious metals.

Meanwhile, gold/silver ratio is still stuck in a range between the support at the  20 EMA at 77.50 and the resistance at the 50 EMA at 77.90. If gold/silver ratio manages to get above the 50 EMA, it will develop upside momentum which will be bearish for silver.

Technical Analysis

Silver received support near the $23 level and is trying to settle above the nearest resistance at $23.30. If this attempt is successful, silver will get to the test of the resistance which has emerged near $23.50.

A move above the resistance at $23.50 will push silver towards the next resistance level near the 20 EMA at $23.90. If silver gets above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level at the 50 EMA at $24.25.

On the support side, a move below $23.30 will push silver towards the next support level at $22.90. RSI is still in the moderate territory so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If silver declines below the support at $22.90, it will head towards the next support level at $22.60. A move below $22.60 will open the way to the test of the next support at $22.40.

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