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Silver Price Daily Forecast – Silver Gains Ground As Dollar Moves Lower

By:
Vladimir Zernov
Updated: Jun 10, 2021, 14:40 UTC

Silver is moving towards the resistance level at $28.00.

Silver Price Daily Forecast – Silver Gains Ground As Dollar Moves Lower

In this article:

Silver Video 10.06.21.

Rising U.S. Inflation Did Not Put Pressure On Silver

Silver has once again failed to settle below the support at $27.50 and moved above the resistance at $27.75 while the U.S. dollar lost ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at the 20 EMA at 90.20 after the release of U.S. inflation data. U.S. Inflation Rate increased by 5% year-over-year in May compared to analyst consensus of 4.7%.

However, it looks that the market was prepared for even higher numbers as the U.S. dollar found itself under pressure after the release of the report while S&P 500 moved higher. In case the U.S. Dollar Index manages to settle below the nearest support level at 90, it will gain additional downside momentum and head towards the next support at 89.75 which will be bullish for silver and gold price today.

Gold is currently moving towards the resistance level at $1900. If gold manages to get above this level, it will gain additional upside momentum which will be bullish for silver.

Gold/silver ratio is testing the support at the 50 EMA at 67.90. If gold/silver ratio settles below this level, it will head towards the support at 67.50 which will be bullish for silver.

Technical Analysis

silver june 10 2021

Silver is currently moving towards the resistance level which has recently emerged at $28.00. If silver manages to settle above this level, it will head towards the next resistance at $28.30.

A move above the resistance at $28.30 will push silver towards the next resistance level which is located at $28.90.

On the support side, the previous resistance at $27.75 will serve as the first support level for silver. If silver declines below this level, it will get to the test of the support at the 20 EMA at $27.65.

In case silver gets below the 20 EMA, it will move towards the support at $27.50. This support level has already been tested many times and proved its strength. A successful test of the support at $27.50 will open the way to the test of the next support level at the 50 EMA at $27.10.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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