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Silver Price Daily Forecast – Attempt To Settle Above $26.30

Vladimir Zernov
·2 min read

Silver Video 28.12.20.

Silver Is Gaining Ground At The Beginning Of The Week

Silver is currently trying to settle above the resistance at $26.30 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the nearest support level at 90 but failed to develop sufficient downside momentum. If the U.S. Dollar Index manages to settle below this level, it will head towards the next support at 80.75 which will be bullish for silver and other precious metals. Weak dollar typically serves as a positive catalyst for precious metals as it makes them cheaper for buyers who have other currencies.

Meanwhile, gold is testing the resistance level at $1900. If gold settles above this level, it will head towards the next material resistance at $1930 which will be bullish for silver.

Gold/silver ratio gained downside momentum and is trying to get below the 71 level. If gold/silver ratio settles below this level, it will have a good chance to get to the test of the recent lows at 69.75 which should provide additional support to silver.

Technical Analysis

Silver gained strong upside momentum and is trying to settle above the resistance at $26.30. It has recently made several attempts to settle above this level but they were not successful.

This time, it looks like silver has good chances to settle above $26.30 and get to the test of the next resistance level at $27.00. RSI is still in the moderate territory so there is plenty of room to gain momentum in case the right catalysts emerge.

If silver gets above the resistance at $27.00, it will move towards the next resistance near the recent highs at $27.50. A move above $27.50 will push silver towards the resistance at $27.75.

On the support side, a move below $26.30 will open the way to the test of the support level at $25.85. In case silver settles below this level, it will quickly get to the test of the next support at $25.55.

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

This article was originally posted on FX Empire

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