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Silver Price Forecast – Silver Continues the Rally

By:
Christopher Lewis
Published: Dec 14, 2023, 14:05 UTC

Silver rallied a bit during the trading session on Thursday, as we are breaking out above the $24 level.

Silver bullion, FX Empire

In this article:

Silver Price Forecast Video for 15.12.23

Silver Markets Technical Analysis

Silver rallied a bit during the trading session on Thursday, as we are now breaking above the $24 level. That being said, the market is likely to continue to see buyers on dips, as silver is benefiting from the Federal Reserve pivoting a bit during the previous session. Ultimately, the market looks as if it is trying to sort out what it’s going to do next, but I still think that silver goes much higher. At this point, it would not surprise me at all to see silver go all the way back to the highs that we tried to make a while back.

Underneath, the 50-Day EMA is hanging around the $23.50 level, and that could be your short-term support level. I don’t think that we have any real shot at pulling back to that level, but it is something to keep in the back of your mind just in case. Ultimately, the US dollar falling is going to have a major influence on silver, and of course the bond markets will as well as they typically do. Yields dropping helps silver, and that is certainly something that we could see continue now that it looks like the Federal Reserve might be cutting rates next year. If that’s going to be the case, then obviously precious metals will do quite well.

Any dip at this point in time should be thought of as a potential value, I think that’s how most traders will look at it. With this being the case, I like the idea of buying anything close to the $24 level, possibly even down to the 50-Day EMA, but I would not jump “all in” right away as silver does tend to be very volatile and position sizing is very crucial. In general, I think this is a market that will eventually get to the $25 level, and once it does we could see some psychological resistance. That being said, we have, a long way in a very short amount of time, so there could be exhaustion that offers the buying opportunity that many of you will now be looking for. Until then, caution and patience will be needed.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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