Silver Price Forecast – Silver Bounces After an Initial Selloff

Silver Price Forecast Video for 29.11.22

Silver Markets Technical Analysis

Silver markets have initially pulled back a bit during the trading session on Monday, to reach down to the 200-Day EMA. The 200-Day EMA is an indicator that a lot of people will pay close attention to, so it’s not a huge surprise to see that it has offered support. Furthermore, the 200-Day EMA sits at the $21 level, which has a lot of psychology attached to it. It also has been previous resistance, so the fact that it offered support should be expected.

If we were to break down below the $21 level, then we could test the 50-Day EMA which is closer to the $20.27 level, which is also rising. On the upside, the $22 level could offer significant resistance, and if we were to break above the $22.50 level, then it’s very likely that we could see the silver market really take off to the upside, perhaps opening up the possibility of a move to the $25 level. At this point, I suspect that silver is going to remain very choppy, but one of the things that could cause a lot of problems is going to be a potential lack of industrial demand. Remember, this is an industrial metal, not just a precious metal.

Ultimately, you should also pay attention to the US dollar and yields in America, because they have a strong negative correlation to silver. With this being the case, I suspect that we’ve got some noise ahead of us, but once we break out of this consolidation it’s likely that we get a much bigger move. At this point, silver looks neutral but is trying to break out.

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