FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
94,315,331Confirmed
2,017,913Deaths
67,346,640Recovered
Fetching Location Data…
Advertisement
Advertisement
Vladimir Zernov

Silver Video 25.11.20.

Advertisement

Silver Rebounds After Recent Sell-Off

Silver is trying to settle above the nearest support level at $23.30 while the U.S. dollar is losing ground against a broad basket of currencies.

Advertisement
Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

The U.S. Dollar Index has recently made another attempt to settle below the major support level at 92.10 but failed to gain sufficient downside momentum.

The support at 92.10 is a very important level for precious metals as the U.S. Dollar Index will likely gain significant downside momentum once it is able to settle below this level. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

The U.S. has recently reported that Initial Jobless Claims increased from 748,000 (revised from 742,000) to 778,000 which signals that the second wave of the virus has started to put pressure on the job market.

It remains to be seen whether the latest job market data will increase demand for safe haven assets, but it looks like it provides some support for silver and gold price today.

Gold managed to find support at $1800 after a major sell-off and is trying to gain some upside momentum. The nearest resistance level for gold is located at $1815, and a move above this level will be bullish for silver and other precious metals.

Gold/silver ratio failed to settle above the resistance at the 50 EMA at 77.90 which is good for silver. If gold/silver ratio manages to settle below the support at the 20 EMA at 77.50, it will head towards the next support at 76.50, providing additional support to silver.

Technical Analysis

Silver received support at $22.90 and is trying to gain additional upside momentum above the resistance at $23.30. If silver manages to settle above this level, it will head towards the next resistance at $23.90.

A move above the resistance at $23.90 will push silver towards the major resistance at the 50 EMA at $24.30 although it may also face some resistance at the 20 EMA at $24.10.

On the support side, a move below $23.30 will push silver back to the recent lows near $22.90. If silver declines below $22.90, it will head towards the next support at $22.60.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US