Silver Price Daily Forecast – Test Of Resistance At $27.75Silver settled above the resistance at $27.50 and is trying to settle above the next resistance level at $27.75.
Silver Video 22.02.21.
Silver Moves Higher Despite Rising Treasury Yields
Silver continues its attempts to settle above the resistance at $27.75 while the U.S. dollar is losing ground against a broad basket of currencies. Interestingly, silver managed to ignore rising Treasury yields as traders focused on weaker U.S. dollar.
75% of retail CFD investors lose money
The U.S. Dollar Index managed to get below the nearest support level at 90.30 and is trying to get closer to the next support which is located at the 90 level which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them more attractive for buyers who have other currencies.
Gold is currently testing the resistance at the psychologically important $1800 level. In case gold manages to settle above this level, it will gain additional upside momentum and head towards the next resistance which is located at the 20 EMA at $1815 which will be bullish for silver and other precious metals.
Gold/silver ratio has recently made another attempt to settle below the support at 64.80 but failed to develop sufficient downside momentum and rebounded back to 65.50. If gold/silver ratio gets above the 66 level, it will move towards the resistance at the 20 EMA at 67.50 which will be bearish for silver.
Silver managed to get above the resistance at $27.50 and is trying to settle above the next resistance level which is located at $27.75. If silver gets above this level, it will head towards the next resistance at $28.30.
RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge. In case silver settles above the resistance at $28.30, it will move towards the next resistance level at $28.90.
On the support side, the previous resistance at $27.50 will likely serve as the first support level for silver. If silver declines below this level, it will head towards the support at the 20 EMA at $27.00. A move below this level will push silver towards the support at $26.70.
For a look at all of today’s economic events, check out our economic calendar.