Silver Price Daily Forecast – Silver Stays Strong As U.S. Dollar Remains Under Pressure

Silver Video 10.05.21.

Silver Gains Ground At The Beginning Of The Week

Silver is currently trying to settle above the resistance at $27.75 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index managed to settle below the support at 90.30 and is trying to get to the test of the support level at 90. In case the U.S. Dollar Index declines below this level, it will move towards the next support at 89.75 which will be bullish for silver and gold price today. Weaker dollar is bullish for silver as it makes it cheaper for buyers who have other currencies.

Meanwhile, gold is moving towards the resistance at the $1850 level. RSI is about to get into the overbought territory, but there is enough room to gain additional upside momentum. In case gold gets above $1850, it will head towards the resistance at $1870 which will be bullish for silver and other precious metals.

Gold/silver ratio continues its attempts to settle below the support at 66.50. In case gold/silver ratio settles below this level, it will move towards the 66 level which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $27.50 and is testing the next resistance level at $27.75. In case this test is successful, silver will move towards the resistance at $28.30.

A move above the resistance at $28.30 will push silver towards the resistance level which is located at $28.90. There are no important levels between $28.30 and $28.90 so this move may be fast. In case silver settles above the resistance at $28.90, it will head towards the next resistance at $29.30.

On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will open the way to the test of the support at $27.00.

In case silver declines below the support at $27.00, it will move towards the support at $26.65. A successful test of this level will push silver towards the next support which is located at the 20 EMA at $26.45.

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