FXEMPIRE
All
Ad
Advertisement
Advertisement
Vladimir Zernov
Add to Bookmarks

Silver Video 10.06.21.

Rising U.S. Inflation Did Not Put Pressure On Silver

Silver has once again failed to settle below the support at $27.50 and moved above the resistance at $27.75 while the U.S. dollar lost ground against a broad basket of currencies.

Advertisement
Know where Silver is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The U.S. Dollar Index failed to settle above the resistance at the 20 EMA at 90.20 after the release of U.S. inflation data. U.S. Inflation Rate increased by 5% year-over-year in May compared to analyst consensus of 4.7%.

However, it looks that the market was prepared for even higher numbers as the U.S. dollar found itself under pressure after the release of the report while S&P 500 moved higher. In case the U.S. Dollar Index manages to settle below the nearest support level at 90, it will gain additional downside momentum and head towards the next support at 89.75 which will be bullish for silver and gold price today.

Gold is currently moving towards the resistance level at $1900. If gold manages to get above this level, it will gain additional upside momentum which will be bullish for silver.

Gold/silver ratio is testing the support at the 50 EMA at 67.90. If gold/silver ratio settles below this level, it will head towards the support at 67.50 which will be bullish for silver.

Advertisement

Technical Analysis

Silver is currently moving towards the resistance level which has recently emerged at $28.00. If silver manages to settle above this level, it will head towards the next resistance at $28.30.

A move above the resistance at $28.30 will push silver towards the next resistance level which is located at $28.90.

On the support side, the previous resistance at $27.75 will serve as the first support level for silver. If silver declines below this level, it will get to the test of the support at the 20 EMA at $27.65.

In case silver gets below the 20 EMA, it will move towards the support at $27.50. This support level has already been tested many times and proved its strength. A successful test of the support at $27.50 will open the way to the test of the next support level at the 50 EMA at $27.10.

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