Silver Price Daily Forecast – Silver Stays Close To $27.75
Silver tried to settle below the 20 EMA but failed to develop sufficient downside momentum.
Silver Video 07.06.21.
Silver Is Mostly Flat At The Start Of The Week
Silver has recently made an attempt to settle below the 20 EMA at $27.60 while the U.S. dollar declined against a broad basket of currencies.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
The U.S. Dollar Index has recently made an attempt to settle above the resistance at the 20 EMA at 90.20 but lost momentum and pulled back. The nearest support level for the U.S. Dollar Index is located at the 90 level. In case the U.S. Dollar Index declines below this level, it will move towards the support at 89.75 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.
Gold did not manage to get to the test of the resistance at the $1900 level and declined to $1885. The nearest significant support level for gold is located at the 20 EMA near $1875. If gold settles below the 20 EMA, it will move towards $1850 which will be bearish for silver.
Gold/silver ratio failed to settle below the support at the 50 EMA at 67.90 and moved back above the 68 level. In case gold/silver ratio gets to the test of the nearest resistance level at 68.70, silver will find itself under more pressure.
Technical Analysis
Silver is testing the support at the 20 EMA at $27.60. In case silver manages to settle below this level, it will gain additional downside momentum and head towards the next support level which is located at the 50 EMA at $27.00.
If silver declines below the support at $27.00, it will head towards the next support at $26.65. A move below this level will push silver towards the support at $26.30.
On the upside, the nearest resistance level for silver is located at $27.75. If silver gets above this level, it will head towards the next resistance level at $28.30. A successful test of the resistance at $28.30 will push silver towards the next resistance at $28.90.
For a look at all of today’s economic events, check out our economic calendar.
