Silver Price Daily Forecast – Silver Pulls Back After Yesterday’s Upside Move

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Published: Apr 7, 2021, 14:25 UTC

Silver did not manage to settle above the resistance at $25.20.

Silver Is Under Some Pressure

Silver is currently trying to stay above $25.00 while the U.S. dollar is flat against a broad basket of currencies.

The U.S. Dollar Index managed to get below the 20 EMA at 92.35 and made an attempt to gain downside momentum but this attempt yielded no results. The next support for the U.S. Dollar Index is located at 92.15. A move towards the level will be a bullish development for silver and gold price today.

Gold is currently trying to settle back below the 20 EMA which is located at $1730. A move below this level will be a bearish development for silver and other precious metals as it will indicate that gold failed to gain upside momentum after it managed to get above the 20 EMA.

Gold/silver ratio is still located in the range between the support at 69 and the resistance at 70. If gold/silver ratio manages to settle below the support at 69, it will head towards the next support at the 50 EMA at 68.50 which will be bullish for silver.

Technical Analysis

Silver has once again faced resistance near $25.20 and pulled back towards the $25 level. Currently, silver is trying to stay above this psychologically important level. If this attempt is successful, silver will get to another test of the resistance at $25.20.

The next resistance level is located at the 20 EMA at $25.30 so silver needs to get above the resistance area at $25.20 – $25.30 to have a chance to develop additional upside momentum.

If silver manages to settle above the 20 EMA, it will head towards the resistance at $25.55. A successful test of this level will open the way to the test of the resistance at the 50 EMA at $25.75.

On the support side, a move below the support at $25.00 will push silver towards the next support level which is located at $24.70. If silver declines below this level, it will head towards the next support at $24.50.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.