Silver Price Daily Forecast – Silver Tries To Settle Back Above The 50 EMA

Silver Video 14.10.20.

Silver Tests The Resistance At $24.55

Silver is trying to get back above the 50 EMA at $24.55 as the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index made an attempt to get to the test of the 50 EMA level at 93.75 but lost upside momentum and declined below the 20 EMA at 93.50. If the U.S. Dollar Index manages to settle below the 50 EMA at 93.50, it will gain downside momentum and move towards the recent lows at the 93 level.

This scenario will be bullish for silver as weaker U.S. dollar makes silver cheaper for buyers who have other currencies.

Meanwhile, gold is attempting to settle back above its 50 EMA at $1905. If this attempt is successful, gold will head towards the recent highs at $1930 which will be bullish for silver and other precious metals.

Gold/silver ratio is currently stuck between the 20 EMA at 77.90 and the 50 EMA at 78.40. If gold/silver ratio settles above the 50 EMA, it will gain upside momentum which will be bearish for silver. At the same time, a move below the 20 EMA will provide additional support to silver.

Technical Analysis

Silver is currently trying to settle above the nearest resistance level at the 50 EMA at $24.55. If this attempt is successful, silver will gain upside momentum and head towards the next significant resistance level at $25.85. Along the way, silver may also face some resistance at the recent highs near $25.50.

In case silver manages to settle above the resistance at $25.85, it will move towards the next resistance area at $26.20 – $26.30.

On the support side, the nearest support level for silver has emerged at $23.90. This support level has been tested several times in recent trading sessions and proved its strength.

In case silver gets below this support level, it will head towards the next support at $23.30.

From a big picture point of view, silver’s upside trend remains intact. In order to keep its upside momentum, silver needs to quickly get back above the 50 EMA.

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