Daily Silver Price Forecasts – Silver is under pressure amid a market sell off

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Silver video 01.22.21.

Silver test support at $ 25.00

Silver attempted to stabilize below the support level at $ 25.00 as the US Dollar gained ground against a large basket of currencies.

The US dollar index has failed to break below support at the 90 level and is currently trying to test the nearest resistance level which is at 20 EMA at 90.30. If the US dollar index moves above the 20 EMA, it will head towards 90.50 which will be bearish for silver and gold prices today.

Meanwhile, gold is trying to stabilize below the $ 1,850 level. The next level of support for gold is at $ 1,830. If gold drops below this level, it will move to the $ 1800 level which will be bearish for silver and other precious metals.

The gold / silver ratio tests resistance to the 20 EMA at 72.80. A move above this level will push gold towards the 50 EMA at the 74 level, which will put additional pressure on silver.

The current sell-off of silver is part of a larger market sell-off, so silver will likely need an improvement in general market mood to have any chance of rebounding from current levels.

Silver tested the support at $ 25.00 but failed to develop further bearish momentum and rebounded above the 50 EMA at $ 25.25. The next level of resistance for silver is at 20 EMA at $ 25.60.

If the silver manages to stabilize above this level, it will head to the next resistance at $ 25.85. A move above this level will pave the way for testing the resistance at $ 26.30.

On the support side, silver needs to move back below the 50 EMA at $ 25.25 for a chance to develop further bearish momentum. The next level of support is located at $ 25.00. If the silver drops below this level, it will head towards the support at $ 24.70. A successful test of the support at $ 24.70 will pave the way for the test of the support level at $ 24.50.

For an overview of all of today’s economic events, check out our economic calendar.


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