Silver Price Daily Forecast – Silver Rebounds After Major Sell-OffSilver failed to settle below the support at $23.90 and is trying to get above above the resistance at $24.45.
Silver Video 10.11.20.
Silver Tries To Get Back Above The 50 EMA
Silver is rebounding after yesterday’s sell-off while the U.S. dollar is flat against a broad basket of currencies.
The U.S. Dollar Index did not manage to settle above the resistance at the 93 level but has found some support near 92.75. In case the U.S. Dollar Index moves above 93, it will gain additional upside momentum which will be bearish for silver. Stronger dollar is a negative catalyst for silver and other precious metals as it makes them more expensive for buyers who have other currencies.
Gold is also enjoying some support from investors today. The nearest resistance level for gold is located at the 50 EMA at $1905. If gold manages to settle above this level, it will head towards the next resistance at $1930 which will be bullish for silver.
Gold/silver ratio made another attempt to settle above the resistance at the 50 EMA at 78.30 but failed to gain sufficient upside momentum and pulled back closer to 77.50. If gold/silver ratio settles above the 50 EMA, it will head towards the 80 level which will be bearish for silver. At the same time, a move towards the major support level at 75.50 will provide additional support to silver.
Silver did not manage to settle below the nearest support level at $23.90 and is trying to settle above the major resistance level at the 50 EMA at $24.45.
If silver settles above the 50 EMA, it will gain upside momentum and head to the next significant resistance level at $25.00, although it may face some resistance at lower levels along the way.
A successful test of the resistance at $25.00 will push silver towards the next resistance level at October highs at $25.55. A move above the resistance at $25.55 will open the way to the test of the next resistance near November highs at $25.85.
On the support side, the support level at $23.90 has just proved its strength. If silver manages to settle below this level, it will gain downside momentum and decline towards the next support at $23.30.
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