Silver Price Daily Forecast – Silver Tries To Gain Ground In Holiday-Thinned Trading

Silver Video 24.12.20.

Silver Tries To Settle Above $25.85

Silver is currently trying to settle above the resistance at $25.85 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the nearest support level at 90.15 but failed to develop sufficient downside momentum and rebounded closer to 90.30.

If the U.S. Dollar Index gets below the support at 90.15, it will head towards the next support level at 90 which will be bullish for silver and other precious metals. However, the U.S. dollar may remain little changed in holiday-thinned trading so it will have little impact on gold and silver price today.

Gold faced some resistance near $1880 but managed to stay above the nearest support level at the 50 EMA at $1865. The 20 EMA is located at $1860. If gold settles below the 20 EMA, it will likely gain downside momentum which will be bearish for silver.

Gold/silver ratio is currently consolidating in the range between 72 and 74. Volatility decreased, but it remains to be seen whether gold/silver ratio will manage to stay in this range during the next week when trading activity will increase. If gold/silver ratio settles below 72, it will head towards the recent lows at 69.75 which will be bullish for silver.

Technical Analysis

Today, silver made an attempt to settle above the resistance at $25.85 but failed to develop sufficient upside momentum and pulled back towards the nearest support level at $25.55.

If silver settles below the support at $25.55, it will move towards the next support level at $25.30. A successful test of the support at $25.30 will push silver towards the next support level at $25.00.

On the upside, silver needs to settle above the resistance at $25.85 to have a chance to develop additional upside momentum. If silver gets above this level, it will head towards the resistance at $26.30.

It should be noted that silver does not have good chances to develop strong momentum during today’s trading session due to low trading activity, so any material moves will likely take place during the next week.

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