Silver Price Daily Forecast – Silver Gains Ground As Treasury Yields Move LowerSilver tries to settle above the 50 EMA at $25.65.
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.
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 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.
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.