Silver Price Daily Forecast – Silver Stays Near The Key Support At $25.85Silver continues to test the nearest support level at $25.85.
Silver Video 04.03.21.
Silver Remains Under Pressure
Silver has recently made an attempt to settle below the support at $25.85 while the U.S. dollar continued to move higher against a broad basket of currencies.
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The U.S. Dollar Index is currently trying to settle above the resistance level at 91.10. If this attempt is successful, the U.S. Dollar Index will gain additional upside momentum and head towards the resistance at 91.30 which will be bearish for silver and gold price today.
It should be noted that U.S. Treasury yields remain close to multi-month highs which puts additional pressure on precious metals. If Treasury yields move to new highs, silver will move lower.
Meanwhile, gold made an attempt to settle below the $1700 level but failed to develop sufficient downside momentum. In case gold declines below this level, it will head towards the next support level at $1675 which will be bearish for silver.
Gold/silver ratio is currently testing the resistance level at the 20 EMA at 66.15. If gold/silver ratio settles above the 20 EMA, it will gain additional upside momentum which will put more pressure on silver.
Silver continues its attempts to settle below the nearest support level at $25.85. Silver has recently made an attempt to settle below this level but lost momentum and rebounded closer to the $26 level.
If silver declines below $25.85, it will head towards the next support level which is located at $25.55. A move below the support at $25.55 will open the way to the test of the support at $25.20. In case silver gets below this level, it will continue its downside move and get to the test of the next support level at $25.00.
On the upside, the nearest resistance level for silver is located at the 50 EMA at $26.45. If silver settles above this level, it will head towards the next resistance at $26.70. A move above the resistance at $26.70 will push silver towards the 20 EMA at $26.85.
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