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Silver Video 11.01.21.

Silver Remains Under Strong Pressure

Silver managed to get below $25.00 and is trying to settle below $24.70 while the U.S. dollar is gaining ground against a broad basket of currencies.

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The U.S. Dollar Index gained strong upside momentum and is moving towards the resistance at 90.70. If the U.S. Dollar Index manages to settle above this level, it will head towards the next resistance at the 50 EMA near the 91 level which will be bearish for silver and gold price today. Stronger dollar is bearish for silver as it makes it more expensive for buyers who have other currencies.

In combination with a stronger U.S. dollar, rising Treasury yields have put significant pressure on precious metals. Gold has recently tried to get to the test of the support level at $1815. If gold settles below $1815, it will move towards the $1800 level which will be bearish for silver.

Gold/silver ratio is currently trying to get above the nearest resistance level at the 50 EMA at 74.55. If gold/silver ratio gets above this level, it will move towards the resistance at 75.50 which will put more pressure on silver.


Technical Analysis

Silver gained strong downside momentum and is currently trying to settle below the support at $24.70. RSI remains in the moderate territory despite the strength of the recent sell-off so silver has a chance to gain additional downside momentum in case the right catalysts emerge.

If silver settles below $24.70, it will head towards the support at $24.50. A successful test of this level will open the way to the test of the next support level at the recent lows at $24.35. If silver declines below this level, it will head towards the next support at $23.90.

On the upside, silver needs to stay above $24.70 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.00.

If silver manages to settle above $25.00, it will move towards the resistance at $25.30, although it may also face some resistance at the 50 EMA at $25.15. A move above this level will push silver towards the next resistance level at $25.55.

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

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