Silver Price Daily Forecast – Silver Stays Range-Bound At The Start Of The Week

Silver Video 26.04.21.

Support At $25.85 Stays Strong

Silver remains in the range between the support at $25.85 and the resistance at $26.30 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index did not manage to settle below the support at 90.70 and rebounded closer to the resistance at the 91 level. In case the U.S. Dollar Index settles above 91, it will move towards the next resistance at 91.30 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Gold  has recently made an attempt to get to the test of the nearest support level at the 50 EMA at $1765 but failed to develop sufficient downside momentum. If gold settles below the 50 EMA, it will head towards $1750 which will be bearish for silver.

Gold/silver ratio is currently testing the support at the 68 level. If gold/silver ratio moves below this level, it will head towards recent lows at 67.50 which will be bullish for silver.

Technical Analysis

Silver did not manage to settle below the support at $25.85 and stays in the range between $25.85 and the resistance at $26.30. If silver settles above the high end of this range, it will head towards the next resistance level at $26.65. This resistance level has been tested several times and proved its strength.

A successful test of the resistance at $26.65 will push silver towards the next resistance level which is located at $27.00. In case silver gets above $27.00, it will move towards the resistance at $27.50.

On the support side, silver needs to settle below the support at $25.85 to have a chance to develop downside momentum. The next support level is located at the 50 EMA at $25.75.

The 20 EMA is located in the nearby, so silver will likely get material support in the $25.70 – $25.85 area. If silver declines below this area, it will head towards the support at $25.55.

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