Silver Price Daily Forecast – Silver Is Moving Lower As Treasury Yields ReboundSilver declined below the support at $25.20 and is testing the next support at $25.00.
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.
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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.
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.
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