Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Vladimir Zernov

Silver Video 18.11.20.


Silver Attempts To Move Lower Amid Weak Demand For Safe Haven Assets

Silver continues its attempts to settle below the nearest support level at the 50 EMA as encouraging vaccine news put pressure on safe haven assets like precious metals.

Meanwhile, the U.S. dollar is losing ground against a broad basket of currencies. The U.S. Dollar Index has made an attempt to get to the test of the support level at 92.10 but received some support near 92.20 and rebounded closer to 92.35.

If the U.S. Dollar Index settles below 92.10, it will gain downside momentum and head towards the next support level at yearly lows at 91.75 which should provide some support to precious metals.

That said, there may be some pressure on silver and gold price today even if the U.S. dollar continues to lose ground as vaccine-related optimism looks strong.

Gold has once again attempted to test the support at $1860 but did not manage to move lower. In case gold declines below the support area at $1850 – $1860, it will move towards the next support at $1815 which will be bearish for silver and other precious metals.

Godl/silver ratio remains stuck between the nearest support level near 76.50 and the resistance at the 20 EMA at 77.45. If gold/silver ratio declines below 76.50, it will move towards November lows near 75.50 which will be bullish for silver.

Technical Analysis

The technical picture for silver remains stable since the beginning of this week. Silver is trading near the key support level at the 50 EMA at $24.45 and is trying to settle below this level.

If silver manages to settle below $24.45, it will gain downside momentum and quickly get to the test of the next support level at $23.90. A move below this level will push silver towards the support at $23.30.

On the upside, silver needs to get above the 50 EMA to have a chance to develop upside momentum. The next resistance level for silver is located at $25.00. If silver settles above $25.00, it will gain upside momentum and head towards the resistance at October highs at $25.55.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.