Silver Price Daily Forecast – Test Of Resistance At $25.20

Silver Video 06.04.21.

Silver Gains Ground On Weaker Dollar

Silver is currently trying to settle above the resistance at $25.20 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index gained downside momentum and is trying to settle below the support at 92.50. In case this attempt is successful, the U.S. Dollar Index will get to the test of the 20 EMA at 92.40 which will be bullish for silver and gold price today.

Gold is testing the resistance at the 20 EMA at $1730. This is a very important moment for gold bulls as the 20 EMA level has been tested many times in March, and gold failed to settle above this level. In case gold manages to settle above the 20 EMA, it will have a good chance to gain significant upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio is currently moving towards the support at the 69 level. If gold/silver ratio settles below the support at 69, it will gain downside momentum and head towards the next support at the 50 EMA at 68.50 which will be bullish for silver.

Technical Analysis

Silver continues its rebound and is trying to settle above the resistance at $25.00. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum. Silver has already tested the next resistance which is located at $25.20 but failed to move above this level.

In case silver manages to settle above $25.20, it will head towards the resistance at the 20 EMA at $25.35. A move above the 20 EMA will push silver towards the next resistance level at $25.55. If silver settles above $25.55, it will head towards the 50 EMA at $25.75.

On the support side, the previous resistance at $25.00 will serve as the first support level for silver. If silver declines below this level, it will head towards the next support at $24.70. A successful test of the support at $24.70 will push silver towards the support at $24.50.

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