Silver Price Daily Forecast – Silver Moves Higher As Dollar Declines

·2 min read

Silver Video 14.05.21.

Silver Gains Ground Ahead Of The Weekend

Silver is currently trying to settle above the resistance at $27.50 while the 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 90.50 and is trying to get below the next support level at 90.30. If the U.S. Dollar Index declines below this level, it will move towards the support at the 90 level which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Treasury yields continue to move lower today as Fed officials promised that the Fed will continue to support markets despite rising inflation. Falling yields serve as an additional bullish catalyst for silver today.

Gold is also moving higher, boosted by weaker dollar and lower yields. Currently, gold is trying to get closer to the $1850 level. In case gold manages to settle above this level, it will gain additional upside momentum which will be bullish for silver and other precious metals.

Gold/silver ratio failed to settle above the resistance at the 20 EMA at 67.50 and declined towards the 67 level. If gold/silver ratio settles below this level, it will move towards the support at 66.50 which will be bullish for silver.

Technical Analysis

Silver settled above the resistance at $27.00 and is trying to get above the next resistance level at $27.50. In case this attempt is successful, silver will move towards the resistance at $27.75.

A successful test of this level will push silver towards the resistance at $28.30. If silver manages to settle above $28.30, it will head towards the resistance at $28.90.

On the support side, the previous resistance at $27.00 will serve as the first support level for silver. If silver declines below this level, it will move towards the support at the 20 EMA at $26.65. A move below this level will push silver towards the support which is located near the 50 EMA at $26.30.

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

This article was originally posted on FX Empire

More From FXEMPIRE: