Silver Price Daily Forecast – Silver Gains Ground As Dollar Moves Closer To Recent LowsSilver failed to settle below the support at $27.50 and is trying to settle above $27.75.
Silver Video 20.05.21.
Silver Tries To Rebound
Silver is currently trying to settle back above $27.75 while the U.S. dollar is losing ground against a broad basket of currencies.
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The U.S. Dollar Index has recently managed to settle below the support at the 90 level and is moving towards the next support at 89.75. If the U.S. Dollar Index declines below this level, it will head towards the support at 89.50 which will be bullish for silver and gold price today.
Meanwhile, gold is trying to get above $1875. In case this attempt is successful, gold will have a good chance to develop additional upside momentum and get to the test of the $1900 level which will be bullish for silver. I’d note that RSI has recently moved into the overbought territory so the risks of a pullback are increasing, but there is still enough room to develop additional upside momentum in the near term in case the right catalysts emerge.
Gold/silver ratio has recently made an attempt to settle above the resistance at the 50 EMA at 67.80 but lost momentum and pulled back towards the 20 EMA at 67.30. If gold/silver ratio declines below the 20 EMA, it will head towards the 67 level which will be bullish for silver.
Silver tested support at $27.50 but lost momentum and moved back above $27.75. RSI is in the moderate territory, and there is plenty of room to gain upside momentum.
The next resistance level for silver is located at $28.30. If silver manages to settle above this level, it will head towards the resistance at $28.90. A successful test of the resistance at $28.90 will open the way to the test of the resistance at $29.30.
On the support side, silver needs to settle below $27.75 to have a chance to gain downside momentum in the near term. The next support level is located at $27.50.
A move below the support at $27.50 will open the way to the test of the support at the 20 EMA at $27.10. If silver declines below this level, it will head towards the support at $26.65.
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