Silver Price Daily Forecast – Silver Is Losing Ground On Strong DollarSilver is testing the nearest support level at $27.00.
Silver Video 17.02.21.
Silver Remains Under Pressure
Silver continues its attempts to settle below the support at $27.00 while the U.S. dollar is gaining ground against a broad basket of currencies.
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The U.S. Dollar Index gained upside momentum and managed to settle above the 50 EMA at 90.75. Currently, it is trying to settle above the next resistance at 90.90. If this attempt is successful, the U.S. Dollar Index will head towards the resistance at 91.10 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Gold managed to settle below the support at $1800 and is testing the next support level at $1785. If gold settles below this level, it will have another chance to test the next support level at $1775 which will be bearish for silver.
Gold/silver ratio settled below the 66 level and is currently trying to get below 65.50. If gold/silver ratio settles below this level, it will move towards the 65 level which will provide support to silver.
Silver has recently made another attempt to settle below the support at $27.00 but quickly rebounded back above this level. As a result, silver remains in a wide range between the support at $27.00 and the resistance at $27.50 while stronger U.S. dollar continues to put pressure on precious metals.
If silver declines below the support at $27.00, it will head towards the next support level which is located at the 20 EMA at $26.80. A move below the 20 EMA will push silver towards the support at $26.30. In case silver declines below this level, it will head towards the next support at the 50 EMA at $26.10.
On the upside, the nearest resistance level for silver is still located at $27.50. If silver manages to get above this level, it will move towards the next resistance at $27.75. A move above the resistance at $27.75 will signal that silver is ready to gain additional upside momentum.
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