Silver Price Daily Forecast – Silver Continues To Move LowerSilver settled below the support at $25.55 and is testing the next support level at $25.20.
Silver Video 23.03.21.
Silver Remains Under Pressure
Silver is currently trying to settle below the support at $25.20 while the U.S. dollar is gaining ground against a broad basket of currencies.
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The U.S. Dollar Index has managed to get above the resistance at the 92 level and is moving towards the next resistance at 92.25. If the U.S. Dollar Index settles above this level, it will head towards the resistance at 92.50 which will be bearish for silver and gold price today. Strong dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Gold continues its attempts to settle below the $1730 level. It should be noted that gold has recently remained in a tight range between $1720 and the 20 EMA at $1745 as the pullback in Treasury yields provided some support.
Gold/silver ratio has recently managed to get above the 50 EMA at the 68 level and continues to move higher. The nearest resistance level for gold/silver ratio is located at the 69 level. If gold/silver ratio continues to move towards this level, silver will find itself under more pressure.
Silver gained strong downside momentum after it managed to settle below the key support level at $25.85. Silver has already managed to get below the next support at $25.55 and is currently trying to settle below the support at $25.20.
In case this attempt is successful, silver will head towards the support level at $25.00. A move below the support at $25.00 will push silver towards the support at $24.70. If silver gets below this level, it will move towards the next support at $24.50.
On the upside, the previous support at $25.55 will likely serve as the first resistance level for silver. If silver gets above this level, it will head towards the resistance at $25.85. A successful test of the resistance at $25.85 will push silver back into the previous trading range between $25.85 and the resistance near the 50 EMA at $26.25.
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