Silver Price Forecast – Silver Continues to Reach Higher

Silver Price Forecast Video for 12.12.22

Silver Markets Technical Analysis

Silver markets have rallied a bit during the trading session on Friday, as we are reaching the $23.50 level. The $23.50 level is an area that caused a bit of resistance last Monday, so it will be interesting to see whether or not we can break above there. Keep in mind that a lot of influence comes from the bond market and interest rates. The more, the US dollar has a huge negative correlation to the silver market, so if it starts to fall, that help silver. This is exactly what we have seen over the last several weeks.

We now have the 50-Day EMA trying to break above the 200-Day EMA, forming the so-called “golden cross.” That’s a longer-term technically positive signal, so it will be interesting to see if that plays out. That being said, one thing the need to watch out for is that the gap from last week has not been filled, and futures markets typically like to see that happen. If we do pull back, in the region of that I’ll be looking to see if we have buyers enter the fray.

Keep in mind that the Federal Reserve and the ECB both have meetings next week, so a lot of people will be paying attention to what’s going on, and therefore I do believe it’s probably only a matter of time before those meetings have an effect on what happens. After that, we have to look at this through the prism of a lack of liquidity at the end of the year, and therefore it’ll be probably more of an erratic type of market, and therefore I think you get a situation where the biggest concern will be position sizing.

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