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Vladimir Zernov
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Silver

Silver Video 07.01.21.

Stronger U.S. Dollar Puts Pressure On Silver

Silver gained downside momentum and is testing the nearest support level at $27.00 while the U.S. dollar is gaining ground against a broad basket of currencies.

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The U.S. Dollar Index is currently trying to settle above the resistance at 89.75. If this attempt is successful, the U.S. Dollar Index will head towards the next resistance level at 90 which will be bearish for silver and gold price today. Stronger dollar typically serves as a negative catalyst for silver and other precious metals as it makes them more expensive for buyers who have other currencies.

Gold declined below the nearest support level at $1930 and is moving towards the next support at $1900. This support level was tested during yesterday’s trading session and proved its strength. If gold declines below the support level at $1900, it will gain additional downside momentum and head towards the next support at the 20 EMA at $1890 which will be bearish for silver.

Gold/silver ratio managed to settle below the 71 level and is trying to get below 70.50. If gold/silver ratio settles below this level, it will head towards the support at 69.75, providing some support to silver.

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Technical Analysis

Silver continues its attempts to settle below the nearest support level at $27.00. If silver declines below this level, it will head towards the next support at $26.70.

A move below $26.70 will open the way to the test of the next support level at $26.30. In case silver manages to settle below the support at $26.30, it will decline towards the support which is located at the 20 EMA at $26.00.

On the upside, the nearest resistance level for silver is still located at $27.50. Silver needs to get above this level in order to continue its upside move. The next resistance is located at $27.75.

If silver manages to settle above this level, it will gain additional upside momentum and head towards the next resistance level at $28.30.

For a look at all of today’s economic events, check out our economic calendar.

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