Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Vladimir Zernov

Silver Video 14.01.21.

Stronger Dollar Did Not Put Much Pressure On Silver

Silver  made an attempt to settle below the 50 EMA at $25.20 but did not manage to gain sufficient downside momentum while the U.S. dollar gained ground against a broad basket of currencies.

Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

The U.S. Dollar Index is currently testing the nearest resistance level at 90.50. If this test is successful, the U.S. Dollar Index will head towards the next resistance level at 90.70 which will be bearish for silver and and gold price today.

Meanwhile, gold is trying to get back above the $1850 level after an unsuccessful attempt to breach the support at $1830. If gold manages to settle above $1850, it will move towards the next resistance level at $1865 which will be bullish for silver.

Gold/silver ratio continues its attempts to settle below the nearest support level at the 20 EMA at 72.75. If gold/silver ratio manages to settle below this level, it will move towards the 72 level which will provide support to silver.

Traders will also focus on Biden’s stimulus plan which is set to be unveiled today. Additional stimulus is bullish for markets but it remains to be seen whether safe-haven assets like silver and gold will benefit from another round of money-printing or investors will continue to choose riskier assets which were in demand in recent trading sessions.


Technical Analysis

Silver failed to develop additional downside momentum below the support level at the 50 EMA at $25.20 and remains stuck in the range between the 50 EMA and the 20 EMA at $25.75.

In this light, the technical situation has not changed materially compared to the previous trading session. If silver settles below the 50 EMA, it will gain downside momentum and quickly get to the test of the next support level at $25.00. A successful test of this level will open the way to the test of the support at $24.70.

On the upside, silver needs to get above the resistance at $25.55 in order to gain additional upside momentum and get to the test of the next resistance at the 20 EMA at $25.75. If silver manages to settle above the 20 EMA, it will head towards the resistance at $26.30.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.