Silver Price Daily Forecast – Silver Remains Under Strong Pressure Ahead Of The WeekendSilver settled below the support at $25.55 and is trying to settle below the next support level at $25.20.
Silver Video 05.03.21.
Silver Continues To Lose Ground
Silver is losing ground as Treasury yields continue to rise while the U.S. dollar remains strong against a broad basket of currencies.
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The U.S. Dollar Index has managed to settle above the resistance at 91.75 and is trying to settle above the next resistance level at 92. If this attempt is successful, the U.S. Dollar Index will gain additional upside momentum which will be bearish for silver and gold price today.
Gold is testing the support at the $1700 level. If this test is successful, gold will move towards the support at $1675 which will be bearish for silver and other precious metals.
Gold/silver ratio has recently managed to settle above the 20 EMA at 66.35 and is currently trying to settle above the 67 level. If this attempt is successful, gold/silver ratio will head towards the next material resistance level at the 50 EMA at 68.75 which will be bearish for silver.
Traders will remain focused on the U.S. government debt market as rising yields remain a significant bearish catalyst for silver and gold as precious metals pay no interest. If yields continue to move higher, precious metals will lose more ground.
Silver is currently trying to settle below the support at $25.20. If this attempt is successful, it will head towards the next support level which is located at $25.00.
A move below the support at $25.00 will open the way to the test of the support at $24.70. In case silver declines below this level, it will head towards the next support at $24.50. A successful test of this level will open the way to the test of the support at $24.20.
On the upside, silver needs to get back above $25.20 to have a chance to develop upside momentum in the near term. The next resistance level for silver is located at $25.55. If silver settles above this level, it will move towards the next resistance at $25.85. In case silver gets above this level, it will head towards the 50 EMA at $26.35.
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