Daily Silver Price Forecasts – Silver Keeps Going Down


Silver video 23.03.21.

Money stays under pressure

Silver is currently trying to move below support at $ 25.20 as the US dollar gains ground against a large basket of currencies.

The US dollar index has managed to break through the resistance at the 92 level and is heading towards the next resistance at 92.25. If the US dollar index moves above that level, it will head towards resistance at 92.50 which will be bearish for silver and gold prices today. A strong dollar is bearish for precious metals because it makes them more expensive for buyers who have other currencies.

Gold continues its attempts to settle below the $ 1,730 level. It should be noted that gold has recently remained in a narrow range between $ 1,720 and the EMA 20 at $ 1,745 as lower Treasury yields have provided some support.

The Gold / Silver ratio recently managed to break above the 50 EMA at the 68 level and continues to move up. The closest resistance level for the gold / silver ratio is at level 69. If the gold / silver ratio continues to move towards this level, silver will come under more pressure.

Silver took a strong push to the downside after successfully settling below the key support level at $ 25.85. Silver has already managed to break below the next support at $ 25.55 and is currently trying to move below the support at $ 25.20.

If this attempt is successful, the silver will head towards the support level at $ 25.00. A move below the support at $ 25.00 will push the silver towards the support at $ 24.70. If the silver drops below this level, it will move to the next support at $ 24.50.

On the upside, the previous support at $ 25.55 will likely serve as the first level of resistance for silver. If silver breaks above this level, it will head towards resistance at $ 25.85. A successful test of resistance at $ 25.85 will push silver back into the previous trading range of $ 25.85 and resistance near the 50 EMA at $ 26.25.

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

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