Silver Price Forecast – Silver Continues to Show Bullish Pressure

Silver Price Forecast Video for 22-12-2023

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Thursday as we continue to see plenty of interest in this market, especially as interest rates in the United States continue to drop. If that’s going to be the case, then it makes a certain amount of sense that we could eventually take off to the upside, testing the $26 level. Short-term pullbacks should end up being a nice buying opportunity, especially with the 50-Day EMA racing toward the upside. I do believe that the $24 level continues to offer support, but regardless, I think this is a situation where the market continues to look for “cheap silver.”

All things considered, it’s worth noting that we are getting ready for the holidays, so liquidity will be very thin. In that situation, the market will continue to see the lack of momentum jump into the market, so I would not read too much into the idea of silver sitting still if it does for the next week or so. All things being equal, pullbacks offer buying opportunities, therefore I think you have a situation where the dips continue to offer plenty of opportunities.

If we were to break down below the 50-Day EMA, then it’s possible that the market is likely to go looking to the 200-Day EMA. Anything below there then opens up the possibility of a more significant selloff, but at this point in time it doesn’t look like it’s going to happen anytime in the short term. It could of course, but that would probably have more to do with the idea of some type of massive recession, as the demand for silver would probably drop due to the fact that it is an industrial metal. That of course makes it a little bit different than gold, but as a general rule of thumb, silver does tend to follow gold or vice versa, so keep an eye on both charges, regardless of which one you are trying to trade. In general, this is a situation where we continue to see volatility but I believe upward pressure more than anything else.

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