FXEMPIRE
All
Ad
Advertisement
Advertisement
Vladimir Zernov
Add to Bookmarks
Silver

Silver Video 09.04.21.

Silver Is Under Pressure Ahead Of The Weekend

Silver is currently trying to settle below the support at $25.00 while the U.S. dollar is gaining ground against a broad basket of currencies.

Advertisement
Know where Silver is headed? Take advantage now with 

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 managed to settle above the resistance at 92.15 and is currently testing the next resistance level at the 20 EMA at 92.35. If the U.S. Dollar Index manages to settle above the 20 EMA, it will move towards the next resistance level at 92.50 which will be bearish for silver and gold price today.

Treasury yields gained strong upside momentum after yesterday’s downside move which is also bearish for precious metals.

Gold is testing the support level at the 20 EMA at $1735. If gold settles below this level, it will gain downside momentum and head towards the support at $1720 which will be bearish for silver and other precious metals.

Gold/silver ratio remains in the range between the support at 69 and the resistance at 70. A move below the support at 69 will open the way to another test of the next support level at the 50 EMA at 68.55 which will be bullish for silver.

Advertisement

Technical Analysis

Silver managed to get below the support at $25.20 and made an attempt to settle below the next support at $25.00. If silver declines below the support at $25.00, it will head towards the support level which is located at $24.70.

If silver settles below the support at $24.70, it will move towards the next support at $24.50. A successful test of the support at $24.50 will open the way to the test of the support level at $24.25.

On the upside, the previous support level at $25.20 will serve as the first resistance level for silver. The next resistance is located at the 20 EMA at $25.30. In case silver manages to get above the 20 EMA, it will move towards the resistance $25.55. A move above this level will push silver towards the resistance at the 50 EMA at $25.70.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker