Silver Price Daily Forecast – Silver Is Under Strong Pressure Despite Weaker Dollar

Silver Price Daily Forecast – Silver Is Under Strong Pressure Despite Weaker Dollar

Silver is currently trying to settle below the support level at $23.80 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get below the 50 EMA at 92.45 and is trying to develop additional downside momentum. In case this attempt is successful, it will head towards the next support at 92.30 which may provide more support to silver and gold price today, although it should be noted that the recent weakness of the U.S. dollar had no positive impact on precious metals.