Silver Price Daily Forecast – Silver Retreats As Treasury Yields Move To New Highs

Silver Video 12.03.21.

Silver Pulls Back Ahead Of The Weekend

Silver is currently trying to settle below the support at $25.55 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index gained strong upside momentum and managed to get above the resistance at 91.75. Treasury yields have moved to new highs as traders remained worried about higher inflation after the new round of stimulus. Rising Treasury yields have provided material support to U.S. dollar. If the U.S. Dollar Index manages to settle above the resistance at 92, it will head towards the next resistance level at 92.25 which will be bearish for silver and gold price today.

Gold  is testing the support at the $1700 level. If gold manages to settle below this level, it will head towards the next support at the recent lows at $1675 which will be bearish for silver and other precious metals.

Gold/silver ratio is currently testing the resistance at the 20 EMA at 66.30. If gold/silver ratio settles above this level, it will gain upside momentum and move closer to the next material resistance level at the 50 EMA at 68.30 which will be bearish for silver.

Technical Analysis

Silver gained downside momentum and managed to settle below the support at $25.85. Currently, silver is trying to settle below the next support level at $25.55. If this attempt is successful, silver will move towards the support at $25.20.

A successful test of the support at $25.20 will open the way to the test of the next support level which is located near the lows of the previous pullback at $25.00.

On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. If silver gets back above this level, it will head towards the resistance at the 50 EMA at $26.25. The 20 EMA in in the nearby, so this level will likely be a strong obstacle on the way up for silver.

In case silver gets above the 50 EMA, it will move towards the next resistance at $26.70. A move above this level will push silver towards the resistance at $27.00.

For a look at all of today’s economic events, check out our economic calendar.