Silver Price Forecast – Silver Continues to Consolidate at Lofty Levels

Silver Price Forecast Video for 29.12.22

Silver Markets Technical Analysis

The silver markets have pulled back just a bit during the trading session on Wednesday, as the $24 level continues offer a bit of a resistance barrier. At this point, I think we are more likely than not going to continue to grind it back and forth, perhaps trying to find some way to run out the clock for the end of the year. Silver of course is an industrial metal, so that does work against that in this environment, but I also recognize that the part of silver that is about protecting wealth is almost certainly going to be attractive to traders in the moment.

Between now and the end of the year, I think we probably continue to dance around between $22.50 underneath, and $24.25 above. Regardless, I’m not expecting big moves but I do think that most pullbacks will be thought of as potential buying opportunities in the market that has most decidedly gone bullish. In that situation, it does make sense that we eventually break much higher, especially if gold really start to take off as the two tend to follow each other over the longer term.

The US dollar can work against the silver market, but it does not have to. Keep that in mind, as lazy correlation trading can get you into trouble when you are talking about in an environment that we find ourselves in right now. With this, pay close attention to pullbacks and balances, because they could offer you not short-term opportunities. I still prefer gold and a bullish run than I do silver, just because silver tends to be extraordinarily volatile and therefore not as trustworthy.

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