Silver Price Daily Forecast – Silver Tests The Support At $23.90

Silver Video 19.11.20.

Silver Managed To Settle Below The 50 EMA At $24.40

Silver is trying to settle below the support at $23.90 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle above the resistance at 92.50. It has already made an attempt to get to the test of the next resistance level at 92.80 but failed to gain sufficient upside momentum.

If the U.S. Dollar Index moves above the resistance at 92.80, it will get to the test of the 20 EMA at 92.90 which will be bearish for silver and other previous metals. Strong dollar is a negative catalyst for precious metals as it makes them more expensive for buyers who have other currencies.

In addition to the strong dollar, silver and gold price today suffer from traders’ focus on the recent vaccine news which decreases demand for safe haven assets like precious metals.

Gold is currently testing the key support area at $1850 – $1860. In case gold manages to settle below $1850, it will gain downside momentum and head towards the next support level at $1815 which will be bearish for silver and other precious metals.

Meanwhile, gold/silver ratio is trying to settle above the resistance at the 50 EMA at 77.95. A move above this resistance level will open the way to the test of the next material resistance at the 80 level which will be bearish for silver.

Technical Analysis

Silver managed to get below the 50 EMA at $24.40 and gained strong downside momentum. Currently, it is trying to settle below the next support level at $23.90.

If this attempt is successful, silver will move towards the support at $23.30. A successful test of this support level will open the way to the test of the next support level at $22.90.

On the upside, silver needs to stay above the support at $23.90 to have a chance to get back to the 50 EMA level in the near term. In case silver settles above the 50 EMA at $24.40, it will gain upside momentum and head towards the next resistance level at $25.00.

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