Silver Price Daily Forecast – Silver Retreats Despite Weaker Dollar And Lower Treasury Yields

Silver Is Under Pressure At The Start Of The Week

Silver is currently trying to settle back below the support at $25.30 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 92 level and made an attempt to settle below the support at the 50 EMA at 91.90. If the U.S. Dollar Index gets below the 50 EMA, it will move towards the support at 91.80 which will be bullish for silver and gold price today.

Gold is also moving lower despite weaker dollar and lower Treasury yields. Currently, gold is trying to settle below the support at the 20 EMA at $1810. In case this attempt is successful, gold will get to the test of the key $1800 level which will be bearish for silver and other precious metals.

Meanwhile, gold/silver ratio failed to settle below the 20 EMA at 70.75 and rebounded back above the 71 level. The nearest significant resistance level for gold/silver ratio is located at 71.70. If gold/silver ratio gets to the test of this level, silver will find itself under more pressure.

Technical Analysis

silver august 2 2021

Silver failed to settle above the 20 EMA which is located at $25.55 and is currently testing the support level at $25.30. If this test is successful, silver will move towards the next support level at $25.00.

In case silver declines below the support at $25.00, it will head towards the next support level at $24.70. A successful test of the support at $24.70 will open the way to the test of the next support which is located at the recent lows at $24.50.

On the upside, silver needs to get above the 20 EMA to have a chance to develop upside momentum in the near term. If silver settles above the 20 EMA, it will move towards the resistance at $25.80.

A successful test of the resistance at $25.80 will push silver towards the resistance at the 50 EMA at $26.05. In case silver gets above the 50 EMA, it will head towards the resistance at $26.30.

For a look at all of today’s economic events, check out our economic calendar.