Silver Price Daily Forecast – Silver Retreats As Treasury Yields Move Higher

Silver Is Under Pressure While Gold Heads Towards The Support At $1775

Silver is currently trying to settle below the support at $23.50 while U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get back above the 93 level and is moving towards the resistance at 93.10. In case the U.S. Dollar Index manages to settle above 93.10, it will head towards the next resistance level at 93.40 which will be bearish for silver and gold price today.

Meanwhile, gold is heading towards the important support level at $1775. This support level has already been tested many times in August, and gold may gain significant downside momentum in case it manages to settle below $1775 which will be bearish for silver.

Gold/silver ratio received strong support near the 75 level and is trying to settle back above 75.50. In case this attempt is successful, gold/silver ratio will move towards the 76 level which will put more pressure on silver.

It should be noted that Treasury yields continued to move higher today, and the yield of 10-year Treasuries made an attempt to get above August highs near 1.38%. If the yield of 10-year Treasuries gets above 1.38%, it will gain additional upside momentum which will be bearish for precious metals.

Technical Analysis

Silver is currently testing the support level at $23.50. In case this test is successful, it will head towards the next support at $23.20.

If silver manages to settle below this level, it will head towards the support level at $22.90. A successful test of this level will open the way to the test of the support at $22.60.

On the upside, the nearest resistance level for silver is located at $23.80. In case silver gets above this level, it will head towards the 20 EMA at $24.00.

A move above the 20 EMA will push silver towards the resistance level at $24.20. A successful test of the resistance at $24.20 will open the way to the test of the next resistance at $24.50.

For a look at all of today’s economic events, check out our economic calendar.