Silver Price Forecast: $65–$70 Range Holds Near 200-Day EMA

Silver Technical Analysis

The silver market has fallen a bit during the early part of the Thursday session as we continue to bounce around just above the 200-day EMA. The 200-day EMA is relatively flat, although one thing that you could point out is that the 50-day EMA at least looks like it is trying to cross above it, kicking off the “golden cross.”

Nonetheless, we have been in a range between roughly $65 and $70 recently, and that does make a certain amount of sense, as rising rates in America continue to be a major problem.

The Silver Market Does Have an Underlying Bid

The silver market does have an underlying bid, though, because there is the electrification and clean-energy aspect of silver that still keeps it lively. With that being the case, the silver market looks as if it is trying to find its way one direction or the other.

With the ECB interest rate decision followed by PPI and then CPI on Friday, we may get a little bit of a move based on that. The Federal Reserve is announcing its latest interest rate decision on Wednesday of next week. That will be big on the calendar as well, as it could determine the next trend.

With everything that is going on, it is not a huge surprise that silver has been somewhat sideways in this area, as we are trying to fight headlines, interest rates, and central-bank hiking expectations all simultaneously. Therefore, I think it makes quite a bit of sense that traders might either be on the sidelines or simply not overly convinced as to what to do.

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