Silver Price Daily Forecast – Another Test Of Resistance At $26.30
Silver Video 27.04.21.
Silver Tries To Gain More Ground
Silver is currently trying to settle above the resistance at $26.30 while the U.S. dollar is moving higher against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle above the resistance at 91 but failed to develop sufficient upside momentum and pulled back a bit. If silver manages to settle above the resistance at 91, it will move towards the resistance at 91.30 which will be bearish for silver and gold price today.
Gold is currently trying to get to the test of the resistance at the $1800 level. This resistance level has already been tested several times and proved its strength. If gold manages to settle above this level, it will head towards the resistance at $1820 which will be bullish for silver and other precious metals.
Gold/silver ratio settled below the 68 level and is testing the support at 67.50. A move below this level will open the way to the test of the major support at the 67 level which will be bullish for silver.
Technical Analysis
Silver is currently testing the resistance at $26.30. Silver has already made several attempts to settle above this level in recent trading sessions but was not able to develop sustainable upside momentum. A move above the resistance at $26.30 will open the way to the test of the next resistance at $26.65.
In case silver gets above $26.65, it will continue its upside move and head towards the resistance at $27.00. If silver settles above this level, it will head towards the next resistance at $27.50.
On the support side, the nearest support level for silver is located at the 50 EMA at $25.80. The 20 EMA is at the same level, and silver will likely receive strong support in the $25.75 – $25.85 area.
A move below this support area will push silver towards the support at $25.55. In case silver declines below $25.55, it will head towards the next support at $25.30.
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This article was originally posted on FX Empire
