Silver Price Daily Forecast – Test Of Resistance At $25.55Silver settled above the 20 EMA and is testing the next resistance at $25.55.
Silver Video 08.04.21.
Weak Dollar Provides Support To Silver
Silver is currently trying to settle above the resistance at $25.55 while the U.S. dollar is losing ground against a broad basket of currencies.
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The U.S. Dollar Index has finally managed to settle below the support at the 20 EMA at 92.35 and is trying to settle below the next support at 92.15. if the U.S. Dollar Index declines below the support at 92.15, it will head towards the 92 level which will be bullish for silver and gold price today. Weak dollar is a bullish catalyst for precious metals as it makes them cheaper for buyers who have other currencies.
Gold managed to stay above the 20 EMA at $1735 and is currently trying to settle above $1750. The nearest significant resistance level for gold is located at the 50 EMA at $1760. If gold settles above the 50 EMA, it will gain additional upside momentum which will be bullish for silver and other precious metals.
Gold/silver ratio is currently testing the support at the 50 EMA at 68.50. If gold/silver ratio declines below this support level, it will head towards the 68 level which will be bullish for silver.
Silver managed to settle above the 20 EMA at $25.35 and is testing the next resistance level at $25.55. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.
If silver manages to settle above $25.55, it will head towards the 50 EMA at $25.75. The next resistance level is located at $25.85. In case silver gets above this level, it will move towards the next resistance area at $26.25 – $26.30.
On the support side, the previous resistance level at the 20 EMA at $25.35 will serve as the first support level for silver. If silver settles back below the 20 EMA, it will move towards the support at $25.20. A successful test of the support at $25.20 will open the way to the test of the support at $25.00.
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