Silver Price Forecast – Silver Gives Up Early Gains
Silver Price Forecast Video for 30.11.22
Silver Markets Technical Analysis
Silver markets have initially tried to rally during the trading session on Tuesday but gave back gains to show signs of hesitation. That being the case, the market is likely to continue to be very noisy but that’s nothing new for silver. Silver has outperformed gold as of late, and now it looks like we are trying to figure out where we are going to go next.
The 200-Day EMA underneath could offer a significant amount of support going forward, especially as it sits right at the $21 level. With that being said, I think it is probably only a matter of time before we have to ask questions of this area. If we were to break down below it, then it’s likely that we would see the market go down to the $20 level. It is probably worth noting that the $20 level have a lot of psychology attached to it, so that could cause a bit of noise.
On the other hand, if we turn around and taken the $22.50 level, then it is very possible that we could see silver take off. I don’t necessarily know what will cause that, perhaps just the US dollar or inflation itself. We are looking at a situation where industrial demand is probably going to continue to suffer, so that is something worth paying attention to as well.
Silver has a long history of punishing retail accounts, as JP Morgan has been caught more than once manipulating the market. Because of this, if it rises too quickly, you can probably expect more of that type of behavior as the fines that they pay are nowhere near the types of profits they make by manipulating the paper silver market.
For a look at all of today’s economic events, check out our economic calendar.