Daily Silver Price Forecasts – Silver Retreats As Dollar Approaches Annual Highs

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Money stays under pressure

Silver continues its attempts to move below support at $ 22.30 as the US dollar gains ground against a large basket of currencies.

The US dollar index managed to settle above resistance at 94.20 and attempted to test the annual highs at 94.50. If the US dollar index manages to settle above 94.50, it will gain additional bullish momentum that will be bearish for silver and gold prices today.

Meanwhile, gold managed to stay above the closest support level at $ 1,750 as demand for safe-haven assets increased. The closest resistance level for gold is at 20 EMA at $ 1765. If gold manages to stabilize above this level, it will head to the next resistance at $ 1775 which may provide some support for silver.

The gold / silver ratio received strong support near the 78 level and moved back above 78.50. If the gold / silver ratio moves above this level, it will head to the next resistance at 79 which will be bearish for silver.

Technical analysis

Silver continues to test support at $ 22.30. This support level has been tested several times already, but silver has failed to acquire further bearish momentum.

If the silver manages to stabilize below $ 22.30, it will move towards the support at $ 22.10. A successful test of the support at $ 22.10 will pave the way for the test of the support at $ 21.90. If the silver drops below that level, it will head to the next support level at $ 21.65.

On the upside, the closest resistance level for silver is at $ 22.60. In case the silver breaks above that level, it will head to the next resistance at the 20 EMA at $ 22.80. A move above this level will pave the way for the resistance test at $ 23.20. If the silver breaks the resistance at $ 23.20, it will move towards the resistance at $ 23.50.

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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