Silver Price Daily Forecast – Silver Rebounds After Recent Sell-Off

Silver Video 20.11.20.

Silver Attempts To Settle Above $24.40

Silver is currently trying to settle above the 50 EMA at $24.40 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index failed to settle below the nearest support level at 92.10 but did not manage to gain material upside momentum and is currently located near 92.30. If the U.S. Dollar Index manages to settle below the support at 92.10, it will gain additional downside momentum which should provide some support to silver and other precious metals.

In recent trading sessions, positive vaccine news put pressure on precious metals as traders decreased their purchases of safe haven assets. However, silver and gold price today get some support as traders are worried about coronavirus surge in the U.S.

Gold received strong support in the $1850 – $1860 area and is moving towards the 20 EMA at $1885. If gold manages to get above the 20 EMA, it will head towards the 50 EMA at $1895 which will be bullish for silver and other precious metals.

Gold/silver ratio failed to settle above its 50 EMA at 77.90 and is moving towards the nearest support level at 76.50. A move below this level will push gold/silver ratio towards the next support at 75.50 which will be bullish for silver.

Technical Analysis

Silver failed to settle below the support at $23.90 and is trying to move above the resistance level at the 50 EMA at $24.40. If silver manages to settle above the 50 EMA, it will gain upside momentum and head towards the next significant resistance level at $25.00.

In case silver settles above the resistance at $25.00, it will move towards the next resistance level at October highs at $25.55, although it may also face some resistance at $25.30.

On the support side, the nearest support level for silver is still located at $23.90. If silver moves below this level, it will head towards the next support which has emerged at $23.60. A move below the support at $23.60 will push silver towards the next support level at $23.30.

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