Silver Price Daily Forecast – Silver Tries To Settle Above $25.55

Silver Video 20.01.21

Silver Continues To Move Higher

Silver is currently testing the resistance at the 20 EMA at $25.55 while the U.S. dollar is mostly flat against a broad basket of currencies ahead of Joe Biden’s inauguration.

The U.S. Dollar Index has recently made an attempt to settle below the support at the 20 EMA at 90.35 but failed to develop sufficient downside momentum and rebounded closer to 90.50. The next resistance level for the U.S. Dollar Index is located at 90.70. If the U.S. Dollar Index moves above this level, it will gain additional upside momentum which may put some pressure on silver and gold price today.

Meanwhile, gold is testing the resistance at the 20 EMA at $1865. The next resistance is located at the 50 EMA at $1870, so gold will likely face significant resistance in the $1865 – $1870 area. A move above this resistance area will open the way to the $1900 level which will be bullish for silver and other precious metals.

Gold/silver ratio made an attempt to settle below the 73 level but did not manage to gain downside momentum. If gold/silver moves towards the 72 level, silver will get additional support.

Technical Analysis

Silver managed to get above the resistance at $25.30 and is trying to settle above the next resistance level at the 20 EMA at $25.55. In case silver manages to settle above this level, it will head towards the next resistance at $25.85.

A move above this level will push silver towards the resistance at $26.30. There are no important levels between $25.85 and $26.30, and previous moves in this area were fast.

On the support side, the previous resistance level at $25.30 will likely serve as the first support level for silver. The next support level is located at the 20 EMA at $25.20. If silver declines below the 20 EMA, it will get to the test of the next support level at $25.00. This support level has already been tested during the current trading session and proved its strength so silver may need additional catalysts to settle below $25.00.

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