Silver Price Daily Forecast – U.S. Inflation Data Provides Support To Silver

Silver Video 10.03.21.

Silver Gains Ground After Weaker-Than-Expected U.S. Inflation Report

Silver is currently trying to settle above the $26 level while U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get below the support at 92 and is moving towards the next support level which is located at 91.75. The U.S. has recently reported that Core Inflation Rate increased by 1.3% year-over-year on February compared to analyst consensus which called for growth of 1.4%. Weaker-than-expected inflation data put pressure on Treasury yields and the U.S. dollar, which is bullish for silver and gold price today.

Gold is also moving higher after the release of U.S. inflation data. Currently, gold is trying to settle above the resistance level which has emerged at $1720. If this attempt is successful, gold will gain addditional upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio continues its attempts to settle below the 20 EMA at 66.35. If gold/silver ratio manages to settle below this level, it will head towards the next support level at 65.50 which will provide additional support to silver.

Technical Analysis

Silver managed to get above the resistance at $25.85 and is trying to settle above the $26 level. If this attempt is successful, silver will move towards the next resistance level which is located at the 50 EMA at $26.30.

In case silver gets above this level, it will test the 20 EMA at $26.40. A move above the resistance at the 20 EMA will push silver towards the next resistance level at $26.70. If silver manages to settle above this level, it will head towards the resistance at $27.00.

On the support side, the nearest support level for silver is located at the previous resistance at $25.85. If silver declines below this level, it will head towards the support at $25.55. This support level has already been tested during the current trading session and proved its strength. If silver settles below the support at $25.55, it will move towards the next support at $25.20.

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