Silver Price Daily Forecast – Silver Gains Ground On Weaker Dollar

Silver Video 09.02.21.

Silver Continues To Move Higher

Silver made another attempt to settle above the resistance level at $27.50 while the U.S. dollar remained under pressure against a broad basket of currencies.

The U.S. Dollar Index managed to get below the support at the 20 EMA at 90.70 and tested the next support level at 90.50 but failed to develop sufficient downside momentum and remained in the 90.50 – 90.70 range. If the U.S. Dollar Index declines below the support at 90.50, it will head towards the next support level at 90.30 which will be bullish for silver and gold price today.

Gold is currently testing the resistance at the 20 EMA at $1845. If gold manages to settle above this level, it will head towards the next resistance at the 50 EMA at $1855 which will be bullish for silver. However, it should be noted that the 50 EMA served as a major resistance level for gold in the recent weeks so gold will likely need additional upside catalysts to settle above this level.

Gold/silver ratio continues to move lower and is testing the 67 level. The nearest support level for gold/silver ratio is located at 66.50. If gold/silver ratio declines below this level, it will gain additional downside momentum which will be bullish for silver.

Technical Analysis

Silver tried to settle above the nearest resistance level at $27.50 but failed to develop sufficient upside momentum and pulled back. If silver settles above this level, it will have a chance to test the next resistance which is located at $27.75.

A move above the resistance at $27.75 will push silver towards the next resistance level at $28.30. No significant levels were formed between $27.75 and $28.30 so this move may be fast.

On the support side, the nearest material support level for silver is still located at $27.00. If silver declines below this level, it will head towards the next support level at $26.70. A move below this level will push silver towards the support which is located at the 20 EMA at $26.45.

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