Silver Price Daily Forecast – Silver Gains Ground While Gold Moves To Multi-Week Highs

Silver Video 17.05.21.

Silver Tests Resistance At $27.75

Silver is testing the resistance level at $27.75 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle below the support at 90.30. If the U.S. Dollar Index manages to settle below this level, it will move towards the support at the psychologically important 90 level which will be bullish for silver and gold price today.

Treasury yields are currently moving higher, but this move did not put pressure on precious metals. Gold managed to get to multi-week highs and is testing the resistance at the $1850 level. In case this test is successful, gold will move towards the next resistance at $1865 which will be bullish for silver and other precious metals.

Gold/silver ratio failed to settle above the resistance at the 20 EMA at 67.50 and moved towards the support at the 67 level. If gold/silver ratio declines below this level, it will move towards the next support at 66.50 which will be bullish for silver.

Technical Analysis

Silver managed to settle above the resistance at $27.50 and is testing the next resistance level at $27.75. In case this test is successful, silver will move towards the resistance at $28.30.

RSI is in the moderate territory so there is plenty of room to gain additional momentum in case the right catalysts emerge. In addition, there are no important levels between $27.75 and $28.30 so the upside move may be fast.

In case silver gets above $28.30, it will move towards the next resistance at $28.90. A successful test of this level will open the way to the test of the resistance at $29.30.

On the support side, the previous resistance at $27.50 will serve as the first support level for silver. A move below this level will push silver towards the support at $27.00.

If silver declines below $27.00, it will head towards the 20 EMA at $26.75. In case silver manages to get below the 20 EMA, it will move towards the 50 EMA which is located at $26.30.

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