Silver Price Daily Forecast – Another Test Of Resistance At $26.25

Silver Video 15.03.21.

Silver Gains Ground Despite Stronger Dollar

Silver is currently testing the resistance at the 50 EMA at $26.25 while the U.S. dollar is gaining ground against a broad basket of currencies.

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The U.S. Dollar Index has managed to get above the resistance at 91.75 and is trying to get to the test of the next resistance at the 92 level. If the U.S. Dollar Index settles above 92, it will head towards the next resistance at 92.25 which will be bearish for silver and gold price today.

Gold managed to settle above the resistance at $1720 and is slowly moving towards the next resistance level which is located at the 20 EMA at $1745. If gold gets to the test of the 20 EMA, silver will get additional support.

It should be noted that gold failed to gain additional momentum after the initial rebound from lows near $1675. Higher yields continue to put some general pressure on precious metals, but gold managed to ignore the latest upside move in yields which is a good sign for silver and gold bulls.

Gold/silver ratio is currently trying to get back below the 20 EMA at 66.30. If this attempt is successful, gold/silver ratio will move towards the next support level at 65.50 which will be bullish for silver.

[fx-article-ad]Technical Analysis

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Silver failed to settle below the support at $25.85 and rebounded towards the nearest resistance level at the 50 EMA at $26.25. The 20 EMA is located in the nearby, so the resistance at $26.25 is set to be a material obstacle on the way up for silver.

RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If silver manages to settle above the 50 EMA, it will head towards the next resistance at $26.70. A move above this level will open the way to the test of the resistance at $27.00.

On the support side, the nearest support level for silver is still located at $25.85. If silver declines below this level, it will head towards the next support at $25.55. A move below the support at $25.55 will push silver towards the support at $25.20.

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