Silver Price Daily Forecast – Silver Must Get Above $25 To Continue Its ReboundSilver quickly rebounded from recent lows at $23.78, but it needs to settle above the $25 level to gain more upside momentum.
Silver Video 02.04.21.
Silver Traders Will Keep An Eye On The Gold Market
As markets are closed for Good Friday, silver traders have a chance to take a look at the bigger picture without usual distractions.
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Strong U.S. dollar remains one of the biggest negative catalysts for precious metals. The foreign exchange market is open today, and the U.S. dollar is gaining ground against a basket of currencies. Currently, the U.S. Dollar Index is trying to settle back above the 93 level. If this attempt is successful, it will head towards the next resistance at 93.20 which will be bearish for silver.
Gold received strong support at the yearly lows at $1675 and rebounded towards the major resistance at the 20 EMA at $1730. The resistance at the 20 EMA has been tested many times in March, and gold failed to gain additional upside momentum. If gold fails to settle above the 20 EMA in the upcoming trading sessions, it will find itself under more pressure which will be bearish for silver.
Gold/silver ratio has settled in the range between 69 and 70. If gold/silver ratio manages to get back below the 69 level, it will gain downside momentum and move towards the support at the 50 EMA at 68.40 which will be bullish for silver.
When the markets open after holidays, silver will need to settle above the $25 level to continue its rebound. The next resistance level for silver is located at $25.20.
In case silver gets above this level, it will move towards the resistance at the 20 EMA at $25.40. A successful test of the 20 EMA will open the way to the test of the resistance at $25.55. In case silver gets above $25.55, it will head towards the resistance at the 50 EMA at $25.85.
On the support side, the nearest support level for silver is located at $24.70. If silver declines below this level, it will move towards the support at $24.50. A successful test of the support at $24.50 will open the way to the test of the next support level at $24.20.
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