Daily Silver Price Forecasts – Silver rallies as dollar retreats from annual highs

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FXEmpire.com –

Money is gaining ground before the weekend

Silver is currently trying to move back above $ 22.30 as the US dollar loses ground against a large basket of currencies.

The US dollar index recently managed to move below the support at 94.20 and is currently trying to move below the 94 level. If this attempt is successful, it will move to the support at 93.75 which will be bullish for silver and gold prices today. A weaker dollar is bullish for precious metals because it makes them cheaper for buyers who have other currencies.

Meanwhile, gold has managed to break through resistance at $ 1750 and is attempting to continue its bullish movement. The closest resistance level for gold is at 20 EMA at $ 1765. If gold breaks the 20 EMA, it will head towards resistance at $ 1775 which will be bullish for silver and other precious metals.

The gold / silver ratio has fallen below the 79 level and is currently trying to settle below 78.50. If the gold / silver ratio manages to stabilize below this level, it will move to support at 78 which will be bullish for silver.

Technical analysis

Silver has recently managed to settle above the resistance at $ 22.10 and is trying to move above the next resistance level at $ 22.30. If this attempt is successful, it will test for the next resistance level at $ 22.60.

A move above the resistance at $ 22.60 will pave the way for testing the resistance at the 20 EMA at $ 22.85. If the silver breaks over the 20 EMA, it will head to the next resistance at $ 23.20. A successful test of this level will pave the way for the resistance test at $ 23.50.

On the support side, the previous resistance level at $ 22.10 will serve as the first level of support for the silver. If the silver drops below this level, it will move to the next support at $ 21.90. A successful test of the support at $ 21.90 will push silver back towards the support at $ 21.65.

For an overview of all of today’s economic events, check out our economic calendar.

This article originally appeared on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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