Silver video 04.23.21.
Another stress test at $ 26.30
Silver is currently trying to break back above resistance at $ 26.30 as the US Dollar loses ground against a large basket of currencies.
The US dollar index accelerated lower after the release of strong flash PMI reports in various countries, which supported riskier currencies. Currently, the US dollar index is testing support at the 91 level. This support level has already been tested several times and has proven its strength. If the US dollar index moves below support at 91, it will move to the next support at 90.70 which will be bullish for silver and gold prices today.
Gold made another attempt to settle above resistance at the $ 1800 level but failed to develop sufficient bullish momentum and pulled back. If gold finally manages to break above $ 1800, it will head towards resistance at $ 1820 which will be bullish for silver.
The Gold / Silver ratio is currently trying to get back below the 68 level. If this attempt is successful, it will move to the support at 67.50 which will be bullish for Silver.
Silver has managed to stay above the support at $ 25.85 and is trying to break through the resistance at $ 26.30. If this attempt is successful, the silver will head to the next resistance level at $ 26.65, which has been tested in recent trading sessions and has proven its strength.
If silver does manage to settle above this level, it will move towards resistance at $ 27.00. A move above the resistance at $ 27.00 will pave the way for the resistance test at $ 27.50. There are no significant levels between $ 27.00 and $ 27.50, so this move can be quick.
On the support side, the closest support level for silver is at $ 25.85. If silver drops below that level, it will pass the 50 EMA test at $ 25.75. A move below the 50 EMA and 20 EMA will push the silver towards the support at $ 25.55.
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