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Silver Price Daily Forecast – Silver Retreats Despite Weaker Dollar

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Vladimir Zernov
·2 min read
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Silver Video 18.02.21.

Silver Is Under Pressure As Gold/Silver Ratio Rebounds

Silver continues to trade in the range between the support at $27.00 and the resistance at $27.50 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index managed to get below the 50 EMA at 90.75 and is currently trying to settle below the next support level at the 20 EMA at 90.65. If this attempt is successful, the U.S. Dollar Index will head towards the next support at 90.50 which will be bullish for silver and gold price today.

Gold is currently trying to get back above the nearest resistance at $1785. Gold has already made several attempts to settle above this level but failed to develop sufficient upside momentum. If gold manages to settle above $1785, it will head towards the next resistance at the $1800 level which will be bullish for silver and other precious metals.

Gold/silver ratio found support at 64.80 and rebounded back above 65.50. If gold/silver ratio manages to settle above this level, it will head towards the next resistance at the 66 level which will be bearish for silver.

Technical Analysis

Silver made an attempt to settle above the nearest resistance level at $27.50 but failed to develop sufficient upside momentum and continued to trade in the range between the support at $27.00 and the resistance at $27.50.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If silver manages to settle above $27.50, it will quickly get to the test of the next resistance level at $27.75. A move above the resistance at $27.75 will be a major development for silver bulls as it will indicate that silver is ready to continue its upside trend.

On the support side, a move below the nearest support level at $27.00 will push silver towards the next support at the 20 EMA at $26.85. In case silver declines below this level, it will head towards the next support at $26.70.

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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