Silver Price Daily Forecast – Vaccine News Put Pressure On Silver

Silver Video 16.11.20.

Silver Pulls Back After Unsuccessful Attempt To Settle Above $25.00

Silver is losing ground as recent vaccine news from Moderna put pressure on precious metals.

In addition, the U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, received strong support near 92.50 and rebounded closer to 92.80.

Strong U.S. dollar puts pressure on silver and gold price today as it makes precious metals more expensive for buyers who have other currencies. In case the U.S. Dollar Index moves above the resistance at 92.80, it will gain additional upside momentum and head towards the 20 EMA at 93.05 which will be bearish for silver.

Gold failed to settle above the resistance at the 50 EMA at $1900 but also managed to stay above the support at $1860. If gold manages to get above the 50 EMA, it will likely gain additional upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio has recently made an attempt to settle below the support at 76.50 but failed to gain sufficient downside momentum. If gold/silver ratio settles below 76.50, it will have good chances to get to the test of the next support level at 75.50 which will be bullish for silver.

Technical Analysis

Silver has recently made an attempt to settle above $25.00 but found itself under pressure after the release of Moderna’s vaccine news and declined closer to the nearest support level at the 50 EMA at $24.45.

If silver manages to settle below the 50 EMA, it will gain downside momentum and head towards the next support level at $23.90. A move below this support level will open the way to the test of the support at $23.30.

On the upside, the resistance level at $25.00 has been tested during today’s trading session and proved its strength. If silver settles above this level, it will move towards the resistance at October highs at $25.55. In case silver gets above $25.55, it will quickly get to the test of the next resistance level at $25.85.

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