Silver Price Daily Forecast – Silver Lacks Momentum Ahead Of The Weekend

Silver Video 19.03.21.

Silver Continues To Trade In The Previous Range

Silver is still stuck in the range between the support at $25.85 and the resistance at $26.25 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the major resistance level at 92 and is heading towards the next resistance at 92.25. The resistance at 92 has been previously tested many times, and a move above this level provides the U.S. Dollar Index with a chance to develop significant upside momentum. In case the U.S. Dollar Index manages to settle above the resistance at 92.25, it will head towards the next resistance level at 92.50 which will be bearish for silver and gold price today.

Gold has recently made an attempt to settle above the 20 EMA at $1745 but stronger dollar and higher yields put some pressure on the precious metal. In case gold manages to settle above the 20 EMA, it will gain upside momentum and head towards the next resistance level near the 50 EMA at $1775 which will be bullish for silver.

Gold/silver ratio remains glued to the 20 EMA level at 66.40. In case gold/silver ratio gains upside momentum and gets above the 67 level, silver will find itself under more pressure.

Technical Analysis

Silver remains stuck in the range between the support at $25.85 and the resistance at the 50 EMA at $26.25. Both support and resistance levels have been actively tested this week, but silver failed to develop any momentum.

Interestingly, the continuation of the major sell-off in the U.S. government bond market, which pushed Treasury yields higher, failed to push silver out of this range. Higher bond yields typically serve as a material bearish catalyst for precious metals which pay no interest.

Silver will have a chance to gain material momentum once it manages to get out of the current range, but it remains to be seen whether silver traders are ready for serious moves ahead of the weekend.

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