Silver Price Daily Forecast – Silver Moves Higher Amid Demand For Safe Haven Assets
Silver Video 21.04.21.
Test Of Resistance At $26.25 – $26.30
Silver managed to get above the resistance at $25.85 and is trying to settle above the resistance at $26.25 – $26.30 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 resistance at 91.30 and is trying to get to the test of the next resistance level which is located at 91.50. In case the U.S. Dollar Index manages to get above 91.50, it will head towards the resistance at the 50 EMA at 91.70 which may be bearish for silver and gold price today.
It should be noted that precious metals have completely ignored dollar’s strength today as demand for safe haven investments increased, so it remains to be seen whether stronger dollar will be able to put more pressure on silver during today’s trading session.
Gold is currently trying to get to the test of the resistance at the $1800 level. If gold manages to settle above $1800, it will head towards the next resistance at $1820 which will be bullish for silver and other precious metals.
Gold/silver ratio remains in the range between the support at 68 and the resistance at the 50 EMA at 68.55. In case gold/silver ratio declines below the support at 68, it will head towards the major support level at 67 which will be bullish for silver.
Silver gained strong upside momentum and is trying to settle above the resistance at $26.25 – $26.30. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
If silver settles above $26.30, it will move towards the next resistance level which is located at $26.65. In case silver manages to settle above $26.65, it will head towards the resistance at $27.00. A move above this level will open the way to the test of the resistance at $27.50.
On the support side, the nearest support level for silver is located at $25.85. If silver declines below this level, it will move towards the support at the 50 EMA at $25.70. A successful test of the support at the 50 EMA will open the way to the test of the support at the 20 EMA at $25.55.
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