Silver Price Daily Forecast – Support At $25.85 Stays StrongSilver tested the support at $25.85 but did not manage to develop sufficient downside momentum.
Silver Video 02.03.21.
Silver Continues To Lose Ground
Silver remains under pressure while the U.S. dollar is mostly flat against a broad basket of currencies.
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The U.S. Dollar Index has recently made an attempt to get to the test of the resistance at 91.50 but lost momentum and pulled back towards the 91 level. If the U.S. Dollar Index moves below the 91 level, it will get to the test of the support at 90.90 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.
Gold received support near $1710 and rebounded closer to $1730. If gold settles above this level, it will move towards the resistance at $1750 which will be bullish for silver and other precious metals.
Gold/silver ratio has recently tested the resistance at the 20 EMA at 66.30 but failed to develop sufficient upside momentum and pulled back. In case gold/silver ratio moves above the 20 EMA, it will gain additional upside momentum which will be bearish for silver.
Silver had recently made an attempt to settle below the support level at $25.85 but lost momentum and rebounded towards the resistance at the 50 EMA at $26.45. In case silver manages to settle above this level, it will move towards the next resistance which is located at $26.70.
A move above the resistance at $26.70 will push silver towards the next resistance at the 20 EMA at $27.00. If silver gets above the 20 EMA, it will gain additional upside momentum and head towards the resistance at $27.50.
On the support side, silver needs to settle back below the support at $26.30 to have a chance to get to another test of the support at $25.85. If silver settles below the support at $25.85, it will head towards the support at $25.55. A successful test of the support at $25.55 will open the way to the test of the next support level which is located at $25.20.
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