Silver Price Daily Forecast – Silver Gains Ground On Weaker Dollar

Silver Video 24.05.21.

Silver Moves Higher At The Start Of The Week

Silver continues its attempts to settle above the resistance at $27.75 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index is currently moving towards the support at 89.75. In case the U.S. Dollar Index settles below this level, it will head towards the support at 89.50 which will be bullish for silver and gold price today. Weak dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Meanwhile, gold remains stuck near $1875. The nearest significant resistance level for gold is located at the $1900 level. If gold manages to get above this level, it will gain additional upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio is currently testing the support at the 50 EMA at 67.80. If gold/silver ratio declines below the 50 EMA, it will head towards the 20 EMA at 67.45 which will be bullish for silver.

Technical Analysis

Silver received support near $27.50 and moved towards the nearest resistance level at $27.75. RSI remains in the moderate territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.

If silver settles above $27.75, it will head towards the next resistance at $28.30. A successful test of this level will open the way to the test of the next resistance at $28.90. No important levels were formed between $28.30 and $28.90 so this move may be fast. In case silver gets above $28.90, it will move towards the resistance at $29.30.

On the support side, the nearest support level for silver is located at $27.50. This support level has been tested during the current trading session and proved its strength.

If silver declines below $27.50, it will head towards the support level at the 20 EMA at $27.20. A move below the 20 EMA will push silver towards the next support at $27.00.

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