Silver Price Daily Forecast – Test Of Resistance At $25.30Silver managed to get above the 50 EMA and is trying to settle above the resistance level at $25.30.
Silver Video 12.01.21.
Silver Rebounds After Sell-Off
Silver is currently testing the resistance level at $25.30 while the U.S. dollar is mostly flat against a broad basket of currencies.
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The U.S. Dollar Index managed to get below 90.50 and made an attempt to settle below 90.40 but failed to develop sufficient downside momentum. If the U.S. Dollar Index declines below 90.40, it will head towards the 20 EMA at 90.25 which will be bullish for silver and gold price today. Weaker dollar typically serves as a positive catalyst for silver and other precious metals as it makes them cheaper for buyers who have other currencies.
Gold made an attempt to settle above the $1850 level but faced resistance near $1865 and pulled back below $1850. If gold moves towards the nearest support level at $1830, silver will find itself under pressure.
Gold/silver ratio is currently trying to settle below the 20 EMA at 72.70. If gold/silver ratio manages to get below the 20 EMA, it will have a good chance to settle in a range between the support at the 71 level and the 20 EMA at 72.70 which will be bullish for silver.
Silver managed to get above the 50 EMA at $25.15 and is trying to settle above the resistance at $25.30. If this attempt is successful, silver will get to another test of the resistance level at $25.55.
In case silver manages to settle above $25.55, it will head towards the next resistance level which is located at the 20 EMA at $25.80. A successful test of the resistance at the 20 EMA will open the way to the test of the resistance at $26.30.
No important levels were formed between the 20 EMA at $25.80 and the resistance level at $26.30 so this move may be fast.
On the support side, a move below the 50 EMA at $25.15 will push silver towards the support level at $25.00. In case silver declines below this level, it will head towards the next support at $24.70. If silver gets below $24.70, it will head towards the support at $24.50.
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