Silver Price Forecast – Silver Markets Continue to Bounce Around

Silver Price Forecast Video for 11-01-2024

Silver Markets Technical Analysis

You can see that the silver market has done very little during the trading session here on Wednesday, as we wait for quite a bit of inflation information. Ultimately, the CPI numbers on Thursday and the PPI numbers on Friday will end up being a major influence on where we go next. And therefore, it likely will be a scenario where between now and then we’re just going to hang around this area. The 200 day EMA sits just above and, of course, that is an indicator that a lot of people pay close attention to. If we do break down from here, then we could go down to the $22 level, which is an area that has been support multiple times. And I do think is the bottom of the overall range here.

If we break above the 200 day EMA, then it opens up a move to the 50 day EMA, followed by the $24 level, and then eventually the $26 level. Ultimately, this is a situation where the markets are probably going to carve out this range here for the entirety of the year, because quite frankly, this is a market that is highly range bound most of the time, as there are a lot of actors in the silver market that keep a bit of a lid on it. Keep in mind also that you need to pay attention to the 10 year interest rate and 10-year note interest rates.

Lower rates do tend to help silver. On the other hand, you also have to pay attention to industrial demand because it is an industrial metal as well. That’s something that a lot of retail traders don’t pay attention to, the economy and what it does to the idea of demand for silver. Furthermore, silver is extraordinarily volatile, so you need to be very cautious with your position sizing until your trade is proven correct. All things being equal, I am bullish but that doesn’t mean that I’m jumping in with a massive position.

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