Silver Price Daily Forecast – Silver Remains Under Pressure Despite Weaker U.S. DollarSilver is testing the nearest support level at $24.45.
Silver Video 17.11.20.
Silver Tries To Settle Below The 50 EMA
Silver continues its attempts to settle below the nearest support level at the 50 EMA at $24.45 as gold/silver ratio rebounds from recent lows.
Gold/silver ratio received strong support at 75.75 in yesterday’s trading session and rebounded closer to the 77 level. The nearest resistance level for gold/silver ratio is located at the 20 EMA at 77.50. If gold/silver ratio manages to get above this level, it will move towards the 50 EMA at the 78 level which will be bearish for silver.
The U.S. dollar is losing ground against a broad basket of currencies, and the U.S. Dollar Index has managed to get below the support at 92.50. Interestingly, the weak dollar had little impact on silver and gold price today. However, a move towards the next support level at 92.10 may provide some support to precious metals.
Meanwhile, gold is testing the nearest resistance level at the 20 EMA at $1895. The 50 EMA is located at $1900 so gold is facing strong resistance in this area. If gold manages to settle above the 50 EMA, it will gain upside momentum and head towards the next resistance level at $1930 which will be bullish for silver and other precious metals.
The technical picture for silver has not changed much compared to the previous trading session. At this point, silver remains stuck in the range between the support at the 50 EMA at $24.45 and the resistance at $25.00.
Currently, silver is testing the low end of this range, but the situation may change quickly in case the U.S. dollar gains more downside momentum and provides additional support to precious metals.
If silver settles below the 50 EMA, it will gain downside momentum and move towards the next support level at $23.90. A successful test of this support level will open the way to the next support at $23.30.
On the upside, silver must settle above the resistance at $25.00 to continue its upside move. In this case, silver will quickly move towards the next resistance level at October highs at $25.55.
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