Silver Price Daily Forecast – Silver Tries To Rebound After Yesterday’s Strong Sell-Off

Support At $25.80 Stays Strong

Silver  received support at $25.80 and is trying to rebound while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the resistance at 92.15 and made an attempt to settle above the next resistance level at 92.30. If the U.S. Dollar Index settles above 92.30, it will head towards the resistance at 92.50 which will be bearish for silver and gold price today.

It should be noted that silver has managed to ignore dollar’s strength thank to declining Treasury yields, but the continuation of dollar’s upside move will likely put some pressure on precious metals.

Meanwhile, gold did not manage to get back above the resistance at $1800 and declined towards the support at $1775. If gold manages to settle below this level, it will head towards the support at $1750 which will be bearish for silver.

Gold/silver ratio failed to settle above the resistance at 68.70 and remains in the range between the support at the 50 EMA at 67.85 and the resistance at 68.70. If gold/silver ratio gets above 68.70, it will gain additional upside momentum which will be bearish for silver.

Technical Analysis

Silver has recently made an attempt to settle above the resistance at $26.30 but lost momentum and pulled back towards $26.00. The nearest support level for silver is located at $25.80. If silver declines below this level, it will head towards the next support at $25.50.

A successful test of the support at $25.50 will open the way to the test of the support at $25.30. If silver gets below this level, it will head towards the next support which is located at $25.00.

On the upside, silver needs to settle above the resistance at $26.30 to have a chance to gain upside momentum in the near term. The next resistance level is located at $26.65. If silver manages to settle above this level, it will head towards the resistance at $27.00.

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