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    Silver Price Daily Forecast – Silver Lost Momentum While Gold Moved Above $1900

    Abstract:Silver settled above $27.75 and tried to get to the test of the resistance at $28.30.

      Silver Trades In The $27.75 – $28.30 Range

      Silver has recently made an attempt to get to the test of the resistance at $28.30 but lost momentum and pulled back as the U.S. dollar moved higher against a broad basket of currencies.

      The U.S. Dollar Index managed to get above the resistance at 89.75 and is moving towards the next resistance level at 90. If the U.S. Dollar Index gets above this level, it will gain additional upside momentum and head towards the resistance at 90.30 which will be bearish for silver and gold price today.

      Gold has finally managed to get above the $1900 level and is moving higher. The next material resistance level for gold is located at $1930. If gold gets to the test of this level, silver will get more support. Id note that RSI is already close to the extremely overbought territory so the risks of a pullback are increasing.

      Gold/silver ratio received support at the 20 EMA at 67.55 and rebounded back above the 68 level. If gold/silver ratio settles above this level, it will head towards the recent highs at 68.70 which will be bearish for silver.

      Technical Analysis

      Silver tried to get to the test of the resistance at $28.30 but failed to develop sufficient upside momentum and declined closer to the nearest support level at $27.75.

      If silver manages to settle below this support level, it will move towards the support at $27.50. A successful test of the support at $27.50 will open the way to the test of the next support level which is located at the 20 EMA at $27.35.

      In case silver declines below the 20 EMA at $27.35, it will move towards the support at $27.00.

      On the upside, the nearest resistance level for silver is located at $28.30. If silver manages to settle above this level, it will move towards the next resistance at $28.90. A successful test of the resistance at $28.90 will push silver towards the resistance at $29.30.

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