Silver Price Daily Forecast – Silver Stays Range-Bound

Silver Video 16.03.21.

Silver Is Losing Ground After An Unsuccessful Attempt To Get Above The 50 EMA

Silver is currently testing the support at $25.85 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index is stuck in the range between the support at 91.75 and the resistance at 92. It has recently made an attempt to settle below 91.75 but failed to develop sufficient downside momentum. In case the U.S. Dollar Index declines below this level, it will head towards the next support at 91.50 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.

Meanwhile, gold remains stuck near the $1730 level. The nearest resistance level for gold is located at the 20 EMA at $1745. If gold gets to the test of this level, silver will get additional support.

Gold/silver ratio managed to get back above the 20 EMA at 66.35 and is moving towards the 67 level. If gold/silver ratio manages to get above 67, it will gain additional upside momentum and head towards the 50 EMA at 68.15 which will be bearish for silver.

Technical Analysis

The technical picture for silver has not changed much in recent trading sessions. Silver remains stuck between the support at $25.85 and the resistance at the 50 EMA at $26.25. Silver has already tested both levels during the current trading session but failed to gain any momentum.

If silver declines below the support at $25.85, it will head towards the next support level at $25.55. In case silver moves below this level, it will head towards the next support at $25.20.

On the upside, a move above the 50 EMA will push silver towards the next resistance at $26.70. In case silver settles above this level, it will head towards the resistance at $27.00.

Most likely, silver will be able to develop significant momentum once it manages to settle outside of the current trading range so traders should be prepared for fast moves.

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