Silver Price Daily Forecast – Silver Pulls Back Despite Weaker Dollar

Silver Video 11.05.21.

Support At $27.00 In Sight

Silver declined below the support at $27.50 and is moving towards the support at $27.00 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at 90.30 and moved closer to the support at the 90 level. If the U.S. Dollar Index manages to settle below 90, it will gain additional downside momentum and head towards the support at 89.75 which may provide support to silver and gold price today.

Interestingly, precious metals have recently found themselves under pressure despite weaker dollar and inflation worries which have put significant pressure on stocks.

Gold failed to get to the test of the resistance at the $1850 level and declined towards the support at $1820. In case gold declines below this level, it will head towards the next support at the $1800 level which will be bearish for silver and other precious metals.

Meanwhile, gold/silver ratio continues its attempts to settle above the resistance at the 67 level. A move above this level will open the way to the test of the resistance at the 20 EMA at 67.65 which will be bearish for silver.

Technical Analysis

Silver managed to get below the support at $27.50 and continues to move lower. The next support level is located at $27.00. If silver settles below this level, it will head towards the support at $26.65.

A move below the support at $26.65 will open the way to the test of the next support at the 20 EMA at $26.45. If silver declines below the 20 EMA, it will move towards the support at $26.30.

On the upside, the previous support level at $27.50 will serve as the first resistance level for silver. In case silver manages to get above this level, it will head towards the resistance which is located near recent highs at $27.75.

A successful test of the resistance at $27.75 will push silver towards the next resistance level at $28.30. In case silver gets above $28.30, it will move towards the resistance at $28.90.

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