Silver Price Daily Forecast – Silver Rallies As Dollar Dives After Fed’s Comments
The weak dollar and the subdued Fed provided strong support for silver
Silver is currently trying to settle above the 20 EMA at $ 25.60 while the US dollar is losing ground against a broad basket of currencies.
The US dollar index is currently trying to test the 50 EMA at 91.90. If the US dollar index manages to settle below the 50 EMA, it will gain additional downside momentum, which will be bullish for today's silver and gold prices. A weak dollar is bullish on precious metals as it makes them cheaper for buyers with other currencies.
Gold is also supported by the weak dollar. Gold recently managed to rise above the 50 EMA at $ 1810 and is moving towards July highs near $ 1835. Movement above the resistance at $ 1835 will pave the way to test the $ 1850 level, which will be bullish on silver and other precious metals.
The gold / silver ratio gained significant momentum and is moving towards the 71 mark. If the gold / silver ratio drops below this level, it will continue its downward movement and head towards the 20 EMA at 70.60, which will be bullish for silver.
Silver recently managed to break the resistance at $ 25.50 and is testing the next level of resistance which is at the 20 EMA at $ 25.60. The RSI remains modest despite the strength of the current upside move, and there is plenty of room to gain additional upside momentum if the right catalysts emerge.
If silver settles above the EMA of 20, it will hit the test of the next resistance level at $ 25.80. Movement above this level will pave the way for the resistance test at the 50 EMA at $ 26.10. If silver rises above the 50 EMA, it will move towards resistance at $ 26.30.
On the support side, a move below $ 25.50 will push silver towards the support at $ 25.30. If silver falls below this level, it will head for the next support, which is at $ 25.00. Successful testing of this level will pave the way for testing the support at $ 24.70.
You can find an overview of all today's economic events in our economic calendar.
This article was originally published on FX Empire
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