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Silver Price Daily Forecast – Silver Is Under Pressure At The Beginning Of The Week

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Vladimir Zernov
·2 min read
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Silver Video 19.04.21.

Silver Retreats As Treasury Yields Move Higher

Silver is currently trying to settle below the support at the 50 EMA at $25.65 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to settle below the support at 91.30 and made an attempt to settle below the next support at the 91 level. A move below this level will push the U.S. Dollar Index towards the support at 90.70 which will be bullish for silver and gold price today.

It should be noted that Treasury yields moved higher at the beginning of the week which served as a material bearish catalyst for gold and silver. Currently, gold is moving towards the nearest support level which is located at the 50 EMA at $1760. In case gold manages to settle below the 50 EMA, it will head towards the next support level at the 20 EMA at $1745 which will be bearish for silver.

Gold/silver ratio is currently trying to settle back above the resistance at the 50 EMA at 68.60. If gold/silver ratio settles above this level, it will get to another test of the next resistance level at 69 which will be bearish for silver.

Technical Analysis

Silver declined below the support at $25.85 and made an attempt to settle below the next support which is located at the 50 EMA at $25.65.

If silver manages to settle below the 50 EMA, it will head towards the next support which is located at $25.55. A move below this level will open the way to the test of the 20 EMA level at $25.45. In this light, silver will likely get material support in the $25.45 – $25.65 area.

On the upside, a move above $25.85 will push silver towards the resistance at $26.25 – $26.30. This resistance area has been tested several times in recent trading sessions and proved its strength. If silver gets above $26.30, it will head towards the resistance at $26.65. A successful test of this level will open the way to the test of the resistance at $27.00.

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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