Silver Price Daily Forecast – Silver Tests Resistance At $26.30

Silver Rallies As Gold/Silver Ratio Moves Below The 71 Level

Silver managed to get above the resistance at $26.30 and is trying to settle above the next resistance level at $26.70 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index failed to get above the 50 EMA at 90.80 and declined towards the support level at 90.50. If the U.S. Dollar Index settles below the support at 90.50, it will move towards the 20 EMA at 90.35 which will be bullish for silver and gold price today.

Gold is currently testing the resistance at the 20 EMA at $1860. If gold gets above this level, it will get to the test of the next resistance level at the 50 EMA at $1865. A move above the 50 EMA will push gold towards the $1900 level which will be bullish for silver and other precious metals.

Gold/silver ratio gained strong downside momentum and managed to get below the 71 level. If gold/silver ratio moves closer to January lows at the 70 level, silver will get additional support.

Technical Analysis

Silver gained strong upside momentum and managed to settle above the resistance at $26.30. Currently, silver is testing the next resistance level at $26.70. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If silver settles above $26.70, it will head towards the next resistance at $27.00. A successful test of the resistance at $27.00 will open the way to the test of the resistance level at $27.20.

On the support side, the previous resistance at $26.30 will likely serve as the first material support level for silver. If silver declines below this level, it will head towards the next support at the $25.85. A move below the support at $25.85 will push silver towards the 20 EMA at $25.60. A successful test of the support at the 20 EMA will open the way to the test of the next support level at the 50 EMA at $25.30.