Silver Price Daily Forecast – Silver Remains Under Pressure
Silver Video 25.03.21.
Silver Tested Support At $24.50
Silver continued to move lower and made an attempt to settle below the support at $24.50 while the U.S. dollar gained ground against a broad basket of currencies.
The U.S. Dollar Index managed to get above the resistance at 92.50 and tested the next resistance level at 92.70. If the U.S. Dollar Index manages to settle above the resistance at 92.70, it will head towards the 93 level which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.
Meanwhile, gold is trying to gain upside momentum and is testing the resistance at the 20 EMA at $1740. This resistance level has already been tested many times and proved its strength, so a move above the 20 EMA will signal that gold is ready to gain additional momentum. In this case, gold will head towards the resistance at $1765 which will be bullish for silver and other precious metals.
Gold/silver ratio continues its upside move and is trying to stay above the 70 level. If this attempt is successful, gold/silver ratio will have a good chance to get to another test of the resistance at 70.70 which will be bearish for silver.
Silver has recently made an attempt to settle below $25.00 but received support at $24.50 and rebounded back to the $25 level. If silver manages to settle below $25.00, it will get to another test of the support at $24.70.
In case silver declines below the support at $24.70, it will head towards the next support level at $24.50. A move below this level will open the way to the test of the support at $24.20.
On the upside, the nearest resistance level for silver is located at $25.20. If silver manages to settle above this level, it will head towards the next resistance at $25.55. A move above the resistance at $25.55 will push silver towards the next resistance level which is located at the low end of the recent trading range at $25.85.
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