Silver Price Forecast – Silver Continues to Wait For Buyers

Silver Price Forecast Video for 12-01-2024

Silver Markets Technical Analysis

Silver has been pretty noisy during the trading session on Thursday as we have got the CPI number coming out of America, which does suggest that perhaps the Federal Reserve has a little bit of cover as far as trying to cut rates. That being said, I think you continue to look at a market that really is just looking for some type of momentum but just doesn’t have it. And that could be said about a lot of the markets I watch quite frankly, it’s not just silver. I see a lot of lackluster trading everywhere at the moment; therefore you have to look at it through the prism of a market that just doesn’t know what to do with itself in general. With that, caution is the better part of valor in all markets right now.

Right now, we’re just in a bit of a holding pattern with the $22.50 level offering support underneath there. Then we have even more support at the $22 level, which is an area that’s a longer term support level. So really at this point, we’re closer to the bottom of a large consolidation area than we are at the top, the top being $26 above. We also have the 200 day EMA sitting just above, so that could cause a little bit of noise.

But ultimately, I think you’ve got a situation where traders are just simply looking for some type of reason to get involved, they just don’t have it. Bond markets continue to be very tight, and that has its influence kind of taking out the silver market. I do favor buying, but I also recognize that you are going to have to be extraordinarily patient in an environment that quite frankly seems to be more killing time than anything else. If we can break above the 200 day EMA and then the 50 day EMA, we could go looking to the $24.50 level. Expect a lot of noisy trading and therefore be very cautious about your position sizing as you should always be in the silver market.

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