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Vladimir Zernov
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Silver

Silver Video 15.04.21.

Silver Tests The 50 EMA

Silver is currently testing the resistance at the 50 EMA at $25.65 while the U.S. dollar is mostly flat against a broad basket of currencies.

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The U.S. Dollar Index has recently made an attempt to settle below the support at 91.50 but failed to develop sufficient downside momentum. As a result, the U.S. Dollar Index remains in the range between the support at 91.50 and the resistance at the 50 EMA at 91.80. If the U.S. Dollar Index settles below 91.50, it will move towards the next support at 91.30 which will be bullish for silver and gold price today.

Gold is also moving higher today as Treasury yields move lower. Currently, the yield of 10-year Treasuries is trying to move below 1.59%. If Treasury yields continue to move lower, precious metals will get more support. Meanwhile, gold is testing the resistance at the 50 EMA at $1755. In case gold manages to settle above this level, it will gain additional upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio managed to get below the support at the 50 EMA at 68.60 and is testing the 68 level. If this test is successful, gold/silver ratio will move towards the major support at the 67 level which will be bullish for silver.

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Technical Analysis

Silver gained strong upside momentum and managed to get above the 50 EMA at $25.65. The next resistance level is located at $25.85.

In case silver manages to settle above this level, it will move towards the resistance at $26.25 – $26.30. A successful test of this level will open the way to the test of the resistance at $26.65.

On the support side, a move below the 50 EMA will push silver towards the support at $25.55. If silver gets below this level, it will head towards the 20 EMA which is located at $25.35.

A successful test of the support at the 20 EMA will push silver towards the support at $25.20. If silver declines below this level, it will move towards the support at $25.00.

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

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