Silver Price Daily Forecast – Test Of Resistance At $24.70

Silver Video 01.04.21.

Silver Continues To Rebound

Silver is currently testing the resistance level at $24.70 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index managed to get below the support at 93.20 and is moving towards the next support level at 93. In case the U.S. Dollar Index declines below the support at 93, it will gain additional downside momentum 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 managed to settle above the resistance at the $1700 level and is trying to get to the test of the next resistance at the 20 EMA at $1730. If gold settles above this level, it will move towards the resistance at $1745 which will be bullish for silver. I’d note that gold received strong support at the yearly lows near $1675, which is a welcome development for precious metals bulls.

Gold/silver ratio is currently trying to settle below the 70 level. If this attempt is successful, gold/silver ratio will move towards the 69 level which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $24.50 and is testing the next resistance level at $24.70. RSI has rebounded in recent trading sessions but remains far below March highs, and there is plenty of room to gain additional upside momentum.

In case silver settles above $24.70, it will head towards the resistance at $25.00. A move above $25.00 will open the way to the test of the resistance at $25.20. If silver gets above this level, it will move towards the 20 EMA at $25.40.

On the support side, the previous resistance at $24.50 will serve as the first support level for silver. If silver gets below this level, it will head towards the support at $24.20. A move below $24.20 will push silver towards the support at $24.00. In case silver declines below $24.00, it will move towards the next support level which is located near the recent lows at $23.70.

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