Silver Price Daily Forecast – Silver Failed To Gain Momentum Above $23.00

Silver faced resistance at $23.25 and pulled back closer to $22.50.

Silver Pulls Back After The Major Upside Move

Silver made another attempt to gain momentum above $23.00 but faced resistance at $23.25 and pulled back as the U.S. dollar started to rebound against a broad basket of currencies while gold gained some ground in continuation of current upside momentum.

The U.S. Dollar Index has found support near March lows and is trying to settle above the 95 level. The U.S. Dollar Index has declined from 97.5 to 95 without any material rebound attempt. This move has provided significant support to silver as weaker dollar makes it cheaper for buyers who have other currencies.

In case the U.S. Dollar Index manages to stay above 95 and starts to rebound, silver may experience some pressure.

Gold continues its rally and has recently traded as high as $1888 on a spot basis before pulling back closer to $1870. Just like in silver’s case, gold’s RSI is in the overbought territory, and the risk of correction is elevated.

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