Silver Price Daily Forecast – Silver Moves Higher On Weaker Dollar

Silver Tests The 20 EMA At $25.55

Silver is trading in the range between the 50 EMA at $25.25 and the 20 EMA at $25.55 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 90.50 but this attempt was not successful. Currently, the U.S. Dollar Index is trying to settle below the nearest support level at the 20 EMA at 90.30. If this attempt is successful, the U.S. Dollar Index will have a good chance to get to the test of the 90 level which will be bullish for silver and gold price today.

Meanwhile, gold remains stuck near the $1850 level. The nearest resistance level for gold is located at the 20 EMA at $1860 while the next resistance level is at the 50 EMA at $1865. If gold manages to settle above the 50 EMA, it will gain upside momentum and move towards the $1900 level which will be bullish for silver and other precious metals.

Gold/silver ratio is currently trying to get below the nearest support level at the 20 EMA at 72.80. If gold/silver ratio manages to settle below this level, it will gain additional downside momentum which will be bullish for silver.

Silver has recently made an attempt to settle below the support at the 50 EMA at $25.25 but failed to develop additional upside momentum and rebounded closer to the resistance at the 20 EMA at $25.55.

If silver manages to settle above the 20 EMA, it will move towards the next resistance level at $25.85. A successful test of this level will likely provide silver with an additional boost and push it towards the next resistance at $26.30.

On the support side, silver needs to settle below the 50 EMA to have a chance to develop downside momentum in the near term. The next support level is located at $25.00. If silver declines below the support at $25.00, it will head towards the next support level at $24.70.