Silver Price Daily Forecast – Silver Faced Resistance At $26.70

Silver Video 31.12.20.

Silver Tries To Stay Above The Resistance At $26.30

Silver managed to get above the resistance at $26.30 and is trying to stay above this level while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index remains under pressure in the last trading session of this year. Some support for the U.S. Dollar Index has emerged at 89.55 but this support level does not look strong. In case the U.S. Dollar Index gets below 89.55, it will gain additional downside momentum and head towards the next support level at 89.40 which will provide a boost for silver and gold price today.

Meanwhile, gold is testing the nearest resistance at the $1900 level. If gold settles above this level, it will move towards the next resistance at $1930 which will be bullish for silver and other precious metals.

Gold/silver ratio has recently made an attempt to get to the test of the 72 level but this move was stopped at 71.80. If gold/silver ratio settles above 72, it will gain upside momentum and head towards the 73 level which will be bearish for silver.

Technical Analysis

Yesterday, silver managed to get above the resistance at $26.30 but failed to develop additional upside momentum. Today, silver made an attempt to get back below $26.30 but received support near this important level.

If silver settles above $26.30, it will have a very good chance to continue its upside move. The next resistance for silver has emerged near $26.70. RSI is in the moderate territory, and there is plenty of room to gain momentum.

If silver gets above the resistance at $26.70, it will head towards the next resistance level at $27.00. A move above $27.00 will push silver towards the resistance at $27.50.

On the support side, the previous resistance at $26.30 may serve as the first support level for silver. A move below this level will be a disappointing development for silver bulls as it will signal that silver failed to continue its upside move and may start to pull back.

The next support level for silver is located at $25.85. In case silver declines below this level, it will head towards the next support at $25.55.

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