Silver Price Daily Forecast – Silver Breaks Below Key Support At $25.85

Silver Video 22.03.21.

Silver Is Under Strong Pressure At The Start Of The Week

Silver gained downside momentum and managed to get below the support at $25.55 while the U.S. dollar was mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at the 92 level but faced resistance near 92.15 and pulled back into the previous trading range between 91.75 and 92. If the U.S. Dollar Index manages to settle above the resistance at 92, it will gain additional upside momentum and head towards the resistance at 92.25 which may put more pressure on silver and gold price today.

Gold failed to settle above the resistance at the 20 EMA at $1745 and pulled back towards the $1730 level. In case gold manages to get below this level, it will head towards the $1700 level which will be bearish for silver and other precious metals.

Gold/silver ratio settled above the 20 EMA at 66.50 and tested the 50 EMA at 67.95. Gold/silver ratio remained glued to the 20 EMA level during the previous week, so the current upside move is a major development for the silver market. In case gold/silver ratio settles above the 50 EMA, silver will find itself under additional pressure.

Technical Analysis

Silver has finally managed to get out of the previous trading range between the support at $25.85 and the resistance at the 50 EMA at $26.25. Currently, silver is trying to settle below the support at $25.55. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

In case silver manages to settle below the support at $25.55, it will head towards the next support level at $25.20. A move below the support at $25.20 will open the way to the test of the next support at $25.00. In case silver gets below this level, it will head towards the support at $24.70.

On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. In case silver manages to settle above this level, it will head towards the resistance at the 50 EMA at $26.25. A move above the 50 EMA will push silver towards the resistance at $26.70.

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