Silver Price Daily Forecast – Silver Pulls Back As U.S. Dollar Moves Higher

Silver Video 11.11.20.

Silver Faced Strong Resistance At The 50 EMA

Silver failed to settle above the 50 EMA at $24.40 and pulled back below $24.00 as the U.S. dollar continued to gain ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle above the resistance at the 93 level. The next resistance level for the U.S. Dollar Index is located at the 20 EMA at 93.15. If the U.S. Dollar Index settles above this level, it will continue its upside move and head towards the 50 EMA at 93.45 which will be bearish for silver.

The strong U.S. dollar has also put pressure on gold which is trying to get to the test of the support at $1850. If gold manages to get below this support level, it will gain downside momentum and move towards the next support near $1815 which will be bearish for silver and other precious metals.

Meanwhile, gold/silver ratio continues its attempts to settle above the nearest resistance area between the 20 EMA at 78 and the 50 EMA at 78.25. In case gold/silver ratio manages to settle above the 50 EMA, it will gain upside momentum which will put pressure on silver.

Technical Analysis

Silver failed to gain upside momentum and is currently testing the nearest support level at $23.90. If silver manages to settle below this level, it will gain downside momentum and head towards the next support at $23.30.

A successful test of the support at $23.30 will push silver towards the next support level at $22.90. In case silver gets below this level, it will move towards the recent lows at $22.60.

On the upside, the nearest resistance level for silver is still located at the 50 EMA at $24.40. Silver needs to get above the 50 EMA to have a chance to develop upside momen

If silver manages to get above the 50 EMA, it will move towards the next resistance level at $25.00. A move above $25.00 will push silver to the next material resistance level at October highs at $25.55.

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