Silver Price Daily Forecast – Strong PMI Reports Put Pressure On Silver

Silver Video 21.05.21.

Silver Is Mostly Flat Ahead Of The Weekend

Silver continues to trade near the resistance level at $27.75 while the U.S. dollar is gaining ground against a broad basket of currencies after the release of better-than-expected flash PMI reports from the U.S.

The U.S. Dollar Index has made another attempt to settle below the support at 89.75 but failed to develop sufficient downside momentum. The nearest resistance level for the U.S. Dollar Index is located at 90. If the U.S. Dollar Index manages to settle above this level, it will move towards the resistance at 90.30 which will be bearish for silver and gold price today.

Gold settled above $1875 and made an attempt to get to the test of the $1900 level. If gold manages to settle above $1900, it will gain additional upside momentum which will be bullish for silver.

Gold/silver ratio continues its attempts to settle above the resistance at the 50 EMA at 67.80. If gold/silver ratio settles above this level, it will move towards the next resistance at 68.40 which will be bearish for silver.

Technical Analysis

Silver has recently made another attempt to settle above the resistance at $27.75 but lost momentum after the release of better-than-expected flash PMI reports from the U.S.

If silver manages to settle above $27.75, it will get to the test of the next resistance at $28.30. A move above this level will push silver towards the resistance at $28.90. If silver gets above $28.90, it will head towards the resistance at $29.30.

On the support side, silver needs to get to the test of the support at $27.50 to have a chance to develop downside momentum. This support level has already been tested several times in recent trading sessions and proved its strength.

If silver settles below $27.50, it will move towards the 20 EMA at $27.15. A successful test of the 20 EMA at $27.15 will open the way to the test of the next support level at $27.00.

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