Silver Price Daily Forecast – Silver Mixed Despite Weak DollarSilver is trading in the range between the support at $27.75 and the resistance at $28.30.
Silver Video 25.02.21.
Silver Moves Lower As Treasury Yields Continue To Rise
Silver has recently made an attempt to get to the test of the resistance at $28.30 but failed to develop sufficient momentum and pulled back while the U.S. dollar remained under pressure against a broad basket of currencies.
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The U.S. Dollar Index managed to settle below the support at the 90 level and tested the next support level at 89.75. If the U.S. Dollar Index declines below the support at 89.75, it will head towards the next support level at 89.50 which will be bullish for silver and gold price today.
It should be noted that rising Treasury yields continue to put pressure on gold and silver. The negative impact of higher yields is sufficient enough to offset the support provided by weaker dollar.
Meanwhile, gold has once again moved below the $1800 level and is currently trying to settle below the support at $1775. If this attempt is successful, gold will head towards February lows at $1760 which will be bearish for silver and other precious metals.
Gold/silver ratio continues its downside move and is trying to settle below the support at the 64 level. A move below this level will push gold/silver ratio towards February lows at 62.50 which will be bullish for silver.
Silver has recently made another attempt to move above the resistance at $28.30 but lost momentum and declined towards the support at $27.75. Currently, silver remains in the range between the support at $27.75 and the resistance at $28.30.
If silver manages to settle above the resistance at $28.30, it will head towards the next resistance level which is located at $28.90. A move above this level will signal that silver will try to get to the test of the yearly highs near $30.15.
On the support side, a move below $27.75 will push silver towards the support at $27.50. If silver settles below this level, it will head towards the support at the 20 EMA at $27.25. A successful test of this level will open the way to the test of the support at $27.00.
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