Silver Price Daily Forecast – Silver Retreats As Higher Yields Put Pressure On Precious Metals

Silver Video 30.03.21.

Silver Remains Under Strong Pressure

Silver is currently trying to settle below the support at $24.20 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to settle above the 93 level and made an attempt to settle above the next resistance at 93.20. In case the U.S. Dollar Index settles above 93.20, it will move towards the next resistance at 93.40 which will be bearish for silver and gold price today.

Gold declined below the support at the $1700 level and is moving towards the next support at March lows at $1675. If gold manages to settle below this level, it will gain additional downside momentum which will be bearish for silver and other precious metals. RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge. I’d note that gold’s downside trend looks strong so gold will likely need significant catalysts to break this trend.

Gold/silver ratio is currently trying to settle above the resistance at 69.70. In case this attempt is successful, it will head towards the 70 level which will be bearish for silver.

Technical Analysis

Silver gained strong downside momentum and is testing the support at $24.20. If this test is successful, silver will move towards the next support at $24.00. RSI is close to the oversold territory, but there is still plenty of room to gain additional downside momentum.

A move below the support at $24.00 will push silver towards the next support level which is located at $23.70. In case silver declines below this level, it will head towards the next support at $23.50.

On the upside, silver needs to settle back above $24.20 to develop upside momentum in the near term. The next resistance level for silver is located at $24.50.

If silver gets above this level, it will head towards the resistance at $24.70. A move above this level will open the way to the test of the resistance at $25.00.

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