Silver Price Daily Forecast – Silver Gains Some Ground At The Start Of The Week

Silver Stays Range-Bound

Silver continues to trade in the range between the support at $25.80 and the resistance at $26.30 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 92 but failed to develop sufficient upside momentum and pulled back towards the support at 91.80. In case the U.S. Dollar Index manages to settle below this support level, it will gain additional downside momentum and head towards the recent lows at 91.50 which will be bullish for silver and gold price today.

Gold has recently tested the support at $1775 but failed to gain downside momentum. The nearest resistance level for gold is still located at $1800. If gold gets to the test of this level, silver and other precious metals will get more support.

Gold/silver ratio continues to test the support level which is located at the 50 EMA at 68. If gold/silver ratio declines below this level, it will gain additional downside momentum which will be bullish for silver.

Technical Analysis

silver june 28 2021

Silver failed to settle below the support at $25.80 and rebounded closer to the resistance at $26.30. In case silver settles above this level, it will move towards the next resistance level which is located near the 20 EMA at $26.65.

A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance at the 50 EMA at $26.85. If silver manages to settle above the 50 EMA, it will head towards the resistance at $27.00.

On the support side, silver needs to settle below the major support level at $25.80 to have a chance to develop downside momentum in the near term. If silver gets below this level, it will move towards the next support which is located near the recent lows at $25.50. A move below this level will push silver towards the support at $25.30.

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