Silver Price Daily Forecast – Test Of Resistance At $27.00
FXEmpire.com – Silver Video 04.05.21.
Silver Gains Ground Despite Stronger Dollar
Silver managed to settle above the resistance at £26.65 and is testing the next resistance level at £27.00 while the U.S. dollar is gaining ground against a broad basket of currencies. The U.S.
Dollar Index continues its attempts to settle above the resistance level which is located at the 20 EMA at 91.35. In case the U.S. Dollar Index manages to settle above this level, it will move towards the resistance at 91.50 which will be bearish for silver and gold price today.
At the same time, it should be noted that Treasury yields have started to move lower which is bullish for precious metals. This positive catalyst may offset the negative impact of stronger dollar during today’s trading session. Gold is currently trying to get to the test of the resistance at the £1800 level.
A move above this level will push gold towards £1820 which will be bullish for silver and other precious metals. Gold/silver ratio managed to settle below the support at the 67 level and continues its downside move. The next material support level for gold/silver ratio is located at the 66 level.
If gold/silver ratio gets to the test of this level, gold/silver ratio will get more support.
Silver settled above the resistance at £26.65 and is trying to get above the next resistance level at £27.00. In case this attempt is successful, silver will head towards the next resistance which is located at £27.50. A move above the resistance at £27.50 will push silver towards the next resistance level at £27.75.
If silver manages to settle above this level, it will head towards the next resistance which is located at £28.30. On the support side, the previous resistance at £26.65 will serve as the first support level for silver. If silver declines below this level, it will move towards the next support at £26.30.
A move below the support at £26.30 will push silver towards the support at the 50 EMA at £25.90.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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