Silver Price Daily Forecast – Support At The 50 EMA At $25.70 Stays Strong

Silver Video 20.04.21.

Silver Tries To Settle Back Above $25.85

Silver did not manage to settle below the support at the 50 EMA at $25.70 and is trying to settle back above the resistance at $25.85 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the support at the 91 level but failed to develop sufficient downside momentum and rebounded towards 91.10. The nearest resistance level for the U.S. Dollar Index is located at 91.30. In case the U.S. Dollar Index moves above this level, it will head towards the resistance at 91.50 which will be bearish for silver and gold price today.

Gold  faced some resistance near $1775 but tries to gain more upside momentum. In case gold manages to get above $1775, it will have a good chance to get to the test of the $1800 level which will be bullish for silver.

Gold/silver ratio remains in the range between the support at the 68 level and the resistance at the 50 EMA at 68.60. In case gold/silver ratio settles back above the 50 EMA, it will gain additional upside momentum which will be bearish for silver.

Technical Analysis

Silver is currently testing the nearest resistance level at $25.85. In case this test is successful, silver will have a chance to get to the test of the resistance area at $26.25 – $26.30. Silver made several attempts to settle above this area in recent trading sessions but did not manage to develop sufficient upside momentum.

A move above $26.30 will open the way to the test of the resistance at $26.65. In case silver gets above this level, it will move towards the resistance at $27.00.

On the support side, the nearest support level for silver is located at the 50 EMA at $25.70. A successful test of the support at the 50 EMA will push silver towards the support at the 20 EMA at $25.50. In case silver declines below the 20 EMA, it will move towards the support at $25.30.

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