Silver price is under selling pressure today as more countries are preparing plans to reopen their economies. Improvement in the coronavirus front and positive news from Gilead’s remdesivir drug on the first clinical trials also boosted investors’ sentiment. Gold is also under pressure as investors shift their attention from safe heaven assets to more risky assets.
The fundamental data are dismal across the globe, with most of the economies slipping into recession. The US GDP in the first quarter of 2020 fell 4.8%, below the forecasts of 4%. Fed kept the interest rates unchanged, and Chairman Jerome Powell said that the health crisis would have a severe impact on the economy.
Silver Price Technical Analysis
From a technical perspective, the technical picture is bearish for silver as the price hovers below the major daily moving averages. A break above the 50-day moving average might cancel the bearish momentum and attract a fresh wave of bids.
On the downside, the first support for silver stands at 14.72, the daily low. A break below that level might test the lows from April 21 at 14.50. In case of a bearish breakout, the next support zone stands at 14.20 the low from April 6.
On the other side, immediate resistance for the silver price will be met at 15.02 the daily high. The next critical resistance area stands at 15.30, the 50-day moving average. A credible break 15.30 might challenge the next supply zone at 15.82 the high form April 14.