Silver Price Daily Forecast – Test Of Resistance At $25.85Silver settled above the 20 EMA at $25.55 and is trying to get above the next resistance at $25.85.
Silver Video 21.01.21.
Silver Tries To Continue Its Upside Move
Silver is currently trying to settle above the resistance at $25.85 while the U.S. dollar is losing ground against a broad basket of currencies.
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The U.S. Dollar Index managed to settle below the support at the 20 EMA at 90.35 and made an attempt to get to the test of the 90 level. In case the U.S. Dollar Index manages to get below the 90 level, it will move towards the next support at 89.75 which will be bullish for silver and gold price today.
Meanwhile, gold is testing the nearest resistance level at the 50 EMA at $1870. In case gold settles above this level, it will move towards the $1900 level which will be bullish for silver and other precious metals.
Gold/silver ratio declined below the 20 EMA at 72.80 and is moving towards the 72 level. If gold/silver ratio declines below the 72 level, it will gain additional downside momentum which will provide more support to silver.
Silver managed to settle above the resistance at the 20 EMA at $25.55 and is trying to setttle above the next resistance level at $25.85. If silver manages to settle above this level, it will move towards the next resistance at $26.30. There are no important levels between $25.85 and $26.30 so silver may quickly get to the test of the resistance at $26.30.
RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge. In case silver gets above $26.30, it will head towards the next resistance level at $26.75. A move above this level will push silver towards the next resistance at the $27 level.
On the support side, the previous resistance at the 20 EMA at $25.55 will likely serve as the first support level for silver. If silver declines below this level, it will get to the test of the next support at $25.30. The 50 EMA is located near $25.20 so silver may get significant support in the $25.20 – $25.30 area. A move below this support area will open the way to the test of the $25 level.
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