Silver Price Daily Forecast – Silver Retreats On Stronger Dollar
Silver Video 12/22/20.
Silver is pulling back after yesterday's volatile trading
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Silver is currently trying to stabilize below the USD 25.85 support while the US dollar is gaining some ground against a broad basket of currencies.
The US dollar index recently tried to hit the test of the closest support level at 90 but failed to develop sufficient bearish momentum and rebounded closer to 90.30. If the US dollar index gains momentum and tests the resistance at 90.50, it could have a negative impact on gold and silver prices today.
Gold was unable to settle above $ 1900 and tested the closest support level at the 50 EMA at $ 1865 but was unable to settle below that level. If gold falls below the 50 EMA it will quickly test the next support at the 20 EMA at $ 1855, which will be bearish for silver and other precious metals.
Meanwhile, after yesterday's volatile trading session, the gold / silver ratio is trying to stabilize above the 72 level. As the gold / silver ratio approaches the nearest significant resistance level at 73.50, silver will come under more pressure.
Silver tests the next level of support at $ 25.85. If this test is successful, silver will move towards the next level of support at $ 25.55. The RSI is in the moderate range, so there is room for additional downside momentum if the right catalysts emerge.
If silver falls below $ 25.55, it will move towards the next support at $ 25.30. Movement below this level will push silver towards support at the recent lows of $ 25.00. That level of support has recently shown its strength, so silver likely needs additional catalysts to break below $ 25.00.
On the upside, silver needs to be above $ 25.85 to develop upside momentum. The next level of resistance is at $ 26.30. Today silver tried to settle above this level but that attempt did not produce any results. If silver rises above $ 26.30, it will move towards the next resistance level at $ 27.00.
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This article was originally published on FX Empire
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In this article
GC = F.
ZG = F.
SI = F.
ZI = F.
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