Silver Price Daily Forecast – Silver is trying to rebound after a massive sell-off

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Silver tried to settle below $ 22.00

Silver suffered a sharp sell-off, trying to break below the $ 22 level before rebounding towards $ 23.80 while the US dollar was largely unchanged against a broad basket of currencies.

The US dollar index continues to seek to level above the next resistance level at 92.80. If the US dollar index settles above this level, it will move towards the closest resistance near the recent highs at 93.10, which will be bearish for silver and gold prices today.

Gold is also under great pressure today. Gold tried to settle below $ 1675 but lost momentum and approached the resistance at $ 1750. If gold manages to level back above the resistance at $ 1750, it will head for the next resistance at $ 1775, which will be bullish for silver.

It looks like both gold and silver suffered from sell-offs fueled by traders’ protective stops placed below key support levels.

Meanwhile, the gold / silver ratio managed to rise above the 73 mark and tried to test the 74 mark. If the gold / silver ratio tests this level, silver will come under more pressure.

Silver managed to break above $ 23.50 and is currently trying to level back above the resistance at $ 23.80.

Should silver settle above $ 23.80 it will head for the next resistance at $ 24.00. A successful test of the resistance at USD 24.00 opens the way to test the resistance level, which is located at USD 24.20.

On the support side, the next level of support for silver is at $ 23.50. If silver manages to break below this level, it will head for the support at $ 23.20.

The RSI has recently entered the oversold territory but there is room for additional bearish momentum. If silver falls below the support at $ 23.20, it will head for the next support level at $ 22.90.

You can find an overview of all today’s economic events in our economic calendar.

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