Silver Price Daily Forecast – Silver Tests Support At The 50 EMA At $25.80Silver did not manage to settle above $26.30 and declined towards the 50 EMA.
Silver Video 28.04.21.
Silver Pulls Back Ahead Of The Fed Interest Rate Decision
Silver is trying to get below the 50 EMA at $25.80 while the U.S. dollar is gaining ground against a broad basket of currencies.
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The U.S. Dollar Index managed to get above the resistance at the 91 level and made an attempt to develop additional upside momentum. This attempt was not successful, and the U.S. Dollar Index remained close to 91. It looks that market action has calmed down ahead of the Fed Interest Rate Decision. A move below the 91 level will open the way to the test of the support at 90.70 which will be bullish for silver and gold price today.
Gold is currently testing the support at the 50 EMA at $1765. The 20 EMA is in the nearby so gold will likely get material support at this level. If gold declines below the 50 EMA and the 20 EMA, it will head towards $1750 which will be bearish for silver and other precious metals.
Gold/silver ratio received support at 67.50 and is trying to settle back above the 68 level. If this attempt is successful, it will move towards the resistance at the 50 EMA at 68.45 which will be bearish for silver.
Silver failed to settle above the resistance at $26.30 and pulled back closer to the support level which is located at the 50 EMA at $25.80. The 20 EMA is located at the same level, so silver will likely get material support in the $25.75 – $25.85 area.
A move below this support area will open the way to the test of the next support at $25.55. If silver manages to settle below the support at $25.55, it will head towards the support at $25.30.
On the upside, silver needs to settle above the resistance at $26.30 to have a chance to develop upside momentum in the near term. A move above this level will push silver towards the next resistance level at $26.65. In case silver settles above $26.65, it will head towards the resistance at $27.00.
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