Silver Price Daily Forecast – Resistance At $25.00 Stays Strong

Silver Video 05.04.21.

Silver Pulls Back At The Start Of The Week

Silver has recently made an attempt to settle above the $25 level but failed to develop upside momentum and pulled back while the U.S. dollar moved lower against a broad basket of currencies.

The U.S. Dollar Index managed to get below the support at the 93 level and gained downside momentum. Currently, the U.S. Dollar Index is trying to get to the test of the support at 92.70. If the U.S. Dollar Index gets below this level, it will head towards 92.50 which will be bullish for silver and gold price today.

Gold has once again tested the resistance at the 20 EMA at $1730 but failed to gain momentum and pulled back. This is a worrisome development for the bulls as the 20 EMA continues to serve as a major obstacle on the way up for gold. If gold fails to get above this level in the upcoming trading sessions, it will move lower which will be bearish for silver and other precious metals.

Gold/silver ratio is currently located in the range between the support at 69 and the resistance at 70. In case gold/silver ratio settles above the 70 level, it will head towards the recent highs at 70.50 which will be bearish for silver.

Technical Analysis

Silver has recently tested the resistance at $25.00 but did not manage to get above this level. The nearest support level for silver is located at $24.70. If silver settles below this level, it will head towards the support at $24.50.

A successful test of the support at $24.50 will push silver towards the next support level at $24.20. If silver declines below this level, it will move towards the support at $24.00.

On the upside, silver needs to settle above $25.00 to continue its rebound. The next resistance level for silver is located at $25.20. If silver manages to settle above this level, it will head towards the resistance at the 20 EMA at $25.35. A move above $25.35 will push silver towards the resistance at $25.55.

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