Daily Silver Price Forecasts – Silver Retreats As Gold Slides Below $ 1,800

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FXEmpire.com –

Silver ETF is under heavy pressure

Silver is currently trying to move back below support at $ 22.60 as the US Dollar loses ground against a large basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below the $ 21 level.

The US Dollar Index is currently testing the support level at 96. In the event that the US Dollar Index moves below that level, it will gain additional bearish momentum and move towards the next support level at 95 , 75, which would be bullish for silver and gold prices today.

Gold recently managed to drop below the support level at $ 1800 while SPDR Gold Trust fell below the 50 EMA at $ 167.85. If gold manages to stabilize below $ 1800, it will move to the next support level at $ 1775 which will be bearish for silver.

The Gold / Silver ratio has managed to get back above the MOTHER 20 at 78.95 and is trying to gain some additional bullish momentum. If successful this attempt will head towards 79.50 which will be bearish for the money.

Technical analysis

Silver has managed to break below the 20 EMA, which is near $ 23.75, and is trying to develop further bearish momentum. Currently, silver is testing the support level at $ 22.60.

If the silver manages to stabilize below this support level, it will head to the next support at $ 22.30. The RSI is in moderate territory, and there is ample room to gain additional bearish momentum should the right catalysts emerge. If the silver moves below the support at $ 22.30, it will continue to pull back and head to the next support at $ 22.10. A move below this level will push the silver towards the support level at $ 21.90.

On the upside, silver needs to come back above the 20 EMA to have a chance to develop short term bullish momentum. The next level of resistance for silver is located at $ 22.90. If silver breaks above that level, it will head towards resistance at 50 EMA which is near $ 23.15.

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This article originally appeared on FX Empire

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