Silver Price Daily Forecast – Silver Remains Under Pressure At The Start Of The WeekSilver managed to get below the support at $22.40 and is trying to settle below $22.00.
Silver Video 30.11.20.
Silver Is Trying To Settle Below $22.00
Silver continues to lose ground as safe haven assets remain under pressure while the U.S. dollar is testing yearly lows.
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The U.S. Dollar Index managed to get below the support at 91.75 and is currently trying to settle below 91.50. If this attempt is successful, the U.S. Dollar Index will continue to move towards the next material support level at 91.
Typically, a weak U.S. dollar is bullish for most dollar-denominated commodities. However, the weakness of the American currency does little to help silver and gold price today as safe haven assets remain under pressure.
Gold is currently moving towards the major support level at $1750. Gold easily managed to get below the previous support at $1800 but the next support level wil likely be stronger. In addition, RSI has already entered the oversold territory so chances for a rebound are increasing. If gold manages to get back to the $1800 level, silver and other precious metals will get a boost.
Meanwhile, gold/silver ratio is trying to settle above the 80 level. A move above this level will open the way to the test of the next support at 80.80 which will be bearish for silver.
Silver gained strong downside momentum and is currently trying to settle below $22.00. If this attempt is successful, silver will decline towards the next support level at September lows at $21.65.
RSI has not yet entered the oversold territory so there is some room to gain downside momentum in case the right catalysts emerge. If silver manages to settle below the support at $21.65, it will head towards the next support level at $21.35. It should be noted that there are no strong levels between $20.00 and $21.65 so silver may be very volatile if its continues its downside move.
On the upside, the nearest resistance level for silver is located at $22.40. If silver manages to settle above this level, it will head towards the next resistance at $22.60. A move above $22.60 will open the way to the test of the resistance at $22.90.
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