Yahoo Finance Silver Price Daily Forecast – Silver Moves Higher Despite Stronger U.S. Dollar
Silver Video 25.01.21.
Silver Gains Ground At The Start Of The Week
Silver is trying to settle above the resistance at the 20 EMA at $25.60 while the U.S. dollar is gaining some ground against a broad basket of currencies.
The U.S. Dollar Index has once again received support near the 90 level and gained some upside momentum. Currently, the U.S. Dollar Index is testing the nearest resistance level which is located at the 20 EMA at 90.30. If the U.S. Dollar Index manages to settle above this level, it will move towards 90.50 which may put some pressure on silver and gold price today.
Meanwhile, gold is testing the key resistance level at the 50 EMA at $1870. This resistance level has already been tested several times in recent trading sessions and proved its strength. If gold settles above the 50 EMA, it will move towards the $1900 level which will be bullish for silver and other precious metals.
Gold/silver ratio has recently made another attempt to settle above the 20 EMA at 72.75 but this attempt yielded no results. In case gold/silver ratio manages to settle above the 20 EMA at 72.75, it will head towards the next significant resistance level at the 50 EMA at 73.95 which will be bearish for silver.
Technical Analysis
Silver is currently testing the resistance level at the 20 EMA at $25.60. If this test is successful, silver will move towards the next resistance level at $25.85. This resistance has been tested several times in recent trading sessions and proved its strength.
If silver manages to settle above the resistance at $25.85, it will gain additional upside momentum and head towards the resistance at $26.30.
On the support side, the nearest support level for silver is located at the 50 EMA at $25.25. A move below this level will open the way to the test of the next support level at $25.00. In case silver declines below $25.00, it will gain additional downside momentum and move towards the support level at $24.70.
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This article was originally posted on FX Empire
