Silver Video 16.04.21.
Silver Moves Higher Ahead Of The Weekend
Silver gained upside momentum and tested the resistance level in the $26.25 – $26.30 area while the U.S. dollar remained under pressure against a broad basket of currencies.
The U.S. Dollar Index settled below the 50 EMA at 91.80 and is trying to settle below the support level at 91.50. In case this attempt is successful, the U.S. Dollar Index will head towards the next support at 91.30 which will be bullish for silver and gold price today. Weak dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.
Gold managed to get above the 50 EMA at $1760 and continues its upside move. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If gold manages to get to the test of the $1800 level, silver will get more support.
Gold/silver ratio has recently made an attempt to settle below the 68 level. A move below this level will open the way towards the major support level at 67 which will be bullish for silver.
Silver has recently made an attempt to settle above the major resistance area at $26.25 – $26.30 but failed to develop sufficient upside momentum. If silver manages to settle above this level, it will head towards the next resistance level which is located at $26.65.
A successful test of the resistance at $26.65 will open the way to the test of the next resistance at $27.00.
On the support side, the previous resistance level at $25.85 will likely serve as the first support level for silver. In case silver declines below $25.85, it will move towards the 50 EMA at $25.70.
A move below the support at the 50 EMA at $25.70 will push silver towards the next support level which is located at $25.55. If silver manages to settle below this level, it will head towards the support at the 20 EMA at $25.40.
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This article was originally posted on FX Empire
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