Silver Video 03.05.21.
Silver Gains Ground At The Start Of The Week
Silver is currently trying to settle above the major resistance level at $26.30 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index failed to settle above the resistance at the 20 EMA at 91.35 and pulled back closer to the support at the 91 level. In case the U.S. Dollar Index declines below this level, it will move towards the support at 90.70 which will be bullish for silver and gold price today.
Gold gained upside momentum and is moving towards the resistance at the $1800 level. If gold manages to settle above this level, it will head towards the next resistance at $1820 which will be bullish for silver and other precious metals.
Gold/silver ratio failed to settle above the resistance at the 20 EMA at 68.40 and declined towards the support at 67.50. This support level has been tested many times in recent trading sessions and proved its strength. In case gold/silver ratio settles below the support at 67.50, it will gain additional downside momentum and head towards the next support at the 67 level which will be bullish for silver.
Silver gained upside momentum at the start of the week and is trying to settle above the major resistance at $26.30. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
In case silver settles above $26.30, it will get to the test of the next resistance level at $26.65. A move above this level will open the way to the test of the resistance at $27.00. If silver settles above $27.00, it will head towards the next resistance level which is located at $27.50.
On the support side, a move below $26.30 will push silver back into the previous trading range between the support at the 50 EMA at $25.85 and the resistance at $26.30.
If silver declines below the 50 EMA, it will head towards the support at $25.55. A move below this level will open the way to the test of the support at $25.30.
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This article was originally posted on FX Empire