Silver Price Daily Forecast – Test Of Resistance At $26.50

Silver Tries To Gain More Ground Ahead Of The Weekend

Silver has recently made an attempt to settle above the resistance at the 20 EMA at $26.50 but lost momentum and pulled back towards $26.30 while the U.S. dollar was flat against a broad basket of currencies.

The U.S. Dollar Index tried to get to the test of the resistance at 92.80 but retreated towards 92.50 after the release of better-than-expected Non Farm Payrolls report. In case the U.S. Dollar Index declines below 92.50, it will get to the test of the support level at 92.40 which will be bullish for silver and gold price today.

Gold continues to move towards the resistance at $1800. The 20 EMA is located near $1800 so gold will likely face material resistance at this level. A move above the 20 EMA will open the way to the test of the resistance at the 50 EMA at $1815 which will be bullish for silver and other precious metals.

Gold/silver ratio managed to get below the 50 EMA at the 68 level and is moving towards 67.50. In case gold/silver ratio declines below this level, it will gain additional downside momentum and head towards the support at 67 which will be bullish for silver.

Technical Analysis

Silver is trying to settle above the resistance level which is located at the 20 EMA at $26.50. The first attempt to settle above this level was not successful, but silver continues to trade close to the 20 EMA and another test of this level may follow soon.

In case silver gets above the resistance at the 20 EMA at $26.50, it will head towards the next resistance at the 50 EMA at $26.70. A move above the 50 EMA will push silver towards the resistance at $27.00.

On the support side, a move below $26.30 will push silver towards the significant support level at $25.80. If silver manages to settle below this level, it will head towards the support at $25.50. A successful test of this level will open the way to the test of the support at $25.30.

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