Silver Price Daily Forecast – Silver Rebounds As Treasury Yields Move Lower

Silver Video 09.03.21.

Weak Dollar Provides Support To Silver

Silver is currently trying to settle above the resistance at $25.85 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index gained strong downside momentum as Treasury yields pulled back from recent highs. Currently, the U.S. Dollar Index is testing the support at the 92 level. If this test is successful, the U.S. Dollar Index will move towards the next support level at 91.75 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Meanwhile, gold managed to get above the resistance at the $1700 level and is trying to get above the next resistance at $1720. In case this attempt is successful, gold will gain additional upside momentum and move towards the resistance at $1740 which will be bullish for silver and other precious metals.

Gold/silver ratio is testing the support at the 20 EMA at 66.35. In case gold/silver ratio declines below this level, it will move towards the next support level at 65.50 which will provide additional support to silver.

Technical Analysis

Silver gained strong upside momentum and is trying to settle above the resistance at $25.85. RSI has just started to rebound from recent lows so there is plenty of room to gain additional momentum in case the right catalysts emerge.

If silver settles above $25.85, it will head towards the next resistance at the 50 EMA at $26.30. A move above the 50 EMA will lead to the test of the next resistance at the 20 EMA at $26.45. In case silver gets above the 20 EMA, it will move towards the resistance at $26.70.

On the support side, a move below $25.85 will open the way to the test of the support at $25.55. In case silver declines below this level, it will head towards the next support at $25.20. A successful test of the support at $25.20 will push silver towards the recent lows at $25.00.

For a look at all of today’s economic events, check out our economic calendar.