Silver Price Daily Forecast – Silver Tries To Gain More Ground

Silver Video 23.04.21.

Another Test Of Resistance At $26.30

Silver is currently trying to settle back above the resistance at $26.30 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index gained downside momentum after the release of strong flash PMI reports in various countries which provided support to riskier currencies. Currently, the U.S. Dollar Index is testing the support at the 91 level. This support level has already been tested many times and proved its strength. In case the U.S. Dollar Index settles below the support at 91, it will move towards the next support at 90.70 which will be bullish for silver and gold price today.

Gold made another attempt to settle above the resistance at the $1800 level but did not manage to develop sufficient upside momentum and pulled back. In case gold finally manages to get above $1800, it will move towards the resistance at $1820 which will be bullish for silver.

Gold/silver ratio is currently trying to settle back below the 68 level. In case this attempt is successful, it will move towards the support at 67.50 which will be bullish for silver.

Technical Analysis

Silver managed to stay above the support at $25.85 and is trying to get above the resistance at $26.30. In case this attempt is successful, silver will move towards the next resistance level at $26.65 which has been tested in recent trading sessions and proved its strength.

If silver manages to settle above this level, it will move towards the resistance at $27.00. A move above the resistance at $27.00 will open the way to the test of the resistance at $27.50. There are no important levels between $27.00 and $27.50 so this move may be fast.

On the support side, the nearest support level for silver is located at $25.85. If silver gets below this level, it will get to the test of the 50 EMA at $25.75. A move below the 50 EMA and the 20 EMA will push silver towards the support at $25.55.

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