Silver Price Daily Forecast – Resistance At $24.55 Proved Its Strength

Silver failed to settle above the 50 EMA at $24.55 and is trying to gain downside momentum.

Silver Failed To Gain Upside Momentum Despite Weaker U.S. Dollar

Silver continues to trade below the 50 EMA at $24.55 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the nearest resistance level at 93 but managed to stay above the nearest support level at 92.80. If the U.S. Dollar Index gets below the support at 92.80, it may gain additional downside momentum and provide some support to silver and other precious metals.

Meanwhile, gold is glued to its 50 EMA level just above $1900. This month, gold failed to develop any momentum. Perhaps, traders did not want to make major bets before the U.S. presidential election which may significantly increase volatility in the precious metal space.

Gold/silver ratio continues to test the nearest resistance at its 50 EMA at 78.25. If gold/silver ratio settles above this resistance level, it will gain additional upside momentum and head towards the 80 level which will be bearish for silver.