Silver Price Daily Forecast – Silver Is Losing Ground At The Start Of The Week

Vladimir Zernov
·2 min read

Silver Video 12.04.21.

Higher Treasury Yields Put Pressure On Precious Metals

Silver continues its attempts to settle below the support at $25.00 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 92.15 and made an attempt to settle below the next support at the 92 level. In case the U.S. Dollar Index declines below this level, it will gain additional downside momentum which will be bullish for silver and gold price today.

Meanwhile, gold is testing the support at the 20 EMA at $1735. Treasury yields are moving higher which is bearish for precious metals. If gold settles below the 20 EMA at $1735, it will move towards $1720 which will be bearish for silver.

Gold/silver ratio failed to settle below the nearest support at the 69 level and is trying to gain upside momentum. The nearest material resistance level for gold/silver ratio is located at the 70 level. If gold/silver ratio manages to settle above this level, it will gain upside momentum and head towards the next resistance at 70.50 which will be bearish for silver.

Technical Analysis

Silver is currently testing the nearest support level at $25.00. In case this test is successful, silver will gain downside momentum and move towards the next support level at $24.70. RSI is in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge.

If silver declines below the support at $24.70, it will head towards the next support level at $24.50. A move below this support level will open the way to the test of the next support at $24.25.

On the upside, the nearest resistance level for silver is located at $25.20. If silver gets above this level, it will get to the test of the 20 EMA at $25.30. A successful test of the 20 EMA will push silver towards the resistance at $25.55. In case silver moves above this level, it will head towards the next resistance at the 50 EMA at $25.70.

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This article was originally posted on FX Empire

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