Silver Price Daily Forecast – Test Of Resistance At $24.50

·2 min read

Silver Stays Strong As Gold Gets Above The $1800 Level

Silver is currently trying to settle above the resistance at $24.50 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 level at 93.75 and is trying to get to the test of the nearest support level at 93.50. A move below this level will lead to the test of the next support at the 50 EMA at 93.40 which will provide more support to silver and gold price today.

Meanwhile, gold managed to get above the $1800 level and is trying to develop additional upside momentum. In case this attempt is successful, gold will move towards the resistance level at $1830 which will be bullish for silver.

Gold/silver ratio failed to settle above the resistance at the 74 level and pulled back. In case gold/silver ratio manages to settle below 73.50, it will move towards the recent lows near the 73 level which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $24.30 and is testing the next resistance level at $24.50. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

If silver settles above $24.50, it will head towards the next resistance level at $24.80. A move above this level will open the way to the test of the resistance at $25.00. In case silver gets above $25.00, it will continue its upside move and head towards the next resistance at $25.30.

On the support side, the previous resistance at $24.30 will serve as the first support level for silver. If silver declines below this level, it will head towards the support at $23.90. A move below the support at $23.90 will open the way to the test of the next support level which is located at the 50 EMA at $23.55.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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