Silver Price Daily Forecast – Silver Continues Its Rebound Despite Stronger U.S. Dollar
Silver Video 10/08/20.
Silver is trying to get additional momentum above $ 24.00
Silver is currently trying to stabilize above $ 24.00 as the US dollar is gaining ground against a broad basket of currencies. Interestingly, silver ignores the dollar's strength and continues to rebound.
The US dollar index failed to stabilize below 93.50 and bounced back above 20 EMA at 93.65. It looks like talks about an airline stimulus package are currently supporting the American currency.
At the same time, the hopes for impulses for precious metals are positive, so that silver and gold are gaining ground today.
Gold gained some upward momentum and is trying to move back above the $ 1900 level. The next level of resistance for gold is at 50 EMA at $ 1905. Should gold manage to stabilize above the 50 EMA, it will gain upside momentum and approach the $ 1950 level that will be bullish for gold.
The gold / silver ratio is currently trying to hit the test of the 50 EMA at 78.50. Movement below this level will create increased bearish momentum pushing the gold / silver ratio towards the 20 EMA at 78. This scenario will be bullish for silver.
Silver managed to break above $ 24.00 and is trying to continue its upward move. The next significant resistance for silver is at 50 EMA at $ 24.55.
Should silver manage to break above the 50 EMA at USD 24.55, it will develop additional upward momentum and head for the next resistance level at USD 25.85.
The RSI is in the moderate range, so there is plenty of room to develop momentum. Additionally, there are no larger values between $ 24.55 and $ 25.85, so silver at $ 25.85 can quickly hit the test of durability if the right catalysts are created.
If silver rises above resistance at $ 25.85, it will move towards the next resistance area at $ 26.20 - $ 26.30, which can become a serious obstacle on the way up.
On the support side, silver's next level of support is still at $ 23.30. If silver is below this level, it will gain bearish momentum and near test of the next support level at the recent lows of $ 22.90.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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